Revised draft rule G-42 incorporates a number of changes made by the MSRB to the rule text based upon comments received from the industry. Specifically, BDA’s letter focuses on: BDA’s support for the MSRB’s revised approach to principal transactions, with one further request for clarification; Review of recommendations and a request that the MSRB provide…
Author: Bond Dealers of America
BDA In the News: BDA, Broker Dealers Have Constructively Engaged on MA Rule
This commentary was produced with significant membership input and in response to an article published in the Bond Buyer on June 27 entitled, “The Truth About MA Rule Distorted, Said Lawyer Who Worked on it,”, which you can find linked here. You can view the full commentary below or by clicking here. Commentary: BDA, Broker…
Over 35 Congressional Offices Attend Muni Bonds 101 Seminar Presented by the BDA-Formed MBFA Coalition
The seminar featured a distinguished panel of municipal finance experts from varying backgrounds who explained the benefits of the traditional municipal bond market to staff from key congressional personal and committee offices. BDA member firm Bernardi Securities was represented by Ron Bernardi, Principal, President and CEO. In addition to Ron, the other panelists consisted of Mayor Steve…
The Bond Buyer: Bond Dealers Make New Push to Change Disclosure Program
View the full story here. To view BDA’s initiative on the MCDC issue, click here.
The Bond Buyer: Bond Dealers Make New Push to Change Disclosure Program
To view the full letter, please click here.
BDA Releases Nixon Peabody Prepared Paper on Municipal Advisor Rule: Receiving Advice from your Broker-Dealer Regarding Investments
The paper, available here, is entitled, “The Municipal Advisor Rule: Receiving Advice from your Broker-Dealer Regarding Investments” and is meant to assist state and local governments in understanding the impact that the Municipal Advisor Rule has on sales and purchases of securities through broker-dealers. The paper addresses the following questions: Why does the Municipal Advisor Rule…
BDA Update on SEC MCDC Initiative
On Monday, BDA sent a follow-up letter, available here, to Chair White and copied all SEC Commissioners as well as the Commission’s Enforcement Division. In our letter, we reiterated our request for an extension of the initiative until December 15, 2014, and set fourth two arguments, specifically: The inadequate NIRMSIRs system is providing an unnecessarily…
BDA Submits Comment Letter to SEC on MSRB Proposed Rule Change on Assessments for Municipal Advisor Professionals
Specifically, the BDA asked the SEC to suspend the implementation of the new rule because the assessment is unduly burdensome for broker-dealers and would affect middle-market dealers disproportionately. Additionally, we asked that the MSRB perform a calculation as to how much money they anticipate collecting from the $300 assessment for municipal advisor professionals so that…
Bloomberg News: Wyden's Build America Bonds Reboot Relies on Cities: Muni Credit
By Laura Litvan and William Selway May 22, 2014 On paper, Senator Ron Wyden’s idea to resurrect the Build America Bonds program would go a long way toward fixing the nation’s crumbling highways and bridges. The federally subsidized municipal bonds created in the 2009 U.S. economic stimulus proved popular with Wall Street investors and went on…
BDA Submits Comment Letter on MSRB Draft Amendments to Rule G-3
Specifically, the letter addresses the following: • All municipal finance professionals should have the same training; • BDA suggested alternatives to the MSRB’s approach so as to alleviate some of our anticipated concerns; • The rule, as proposed, would be prohibitively costly to the industry; and • A suggested delay in implementation. You can find…