Today President Obama has released his $3.9 trillion FY2015 budget proposal, available [here]. The President’s plan in totality does not have a path forward in Congress, but serves as a key platform for Democratic principles heading into the mid-term elections. As in previous budgets, this release underscores the priority of income inequality, which is addressed…
Author: Bond Dealers of America
Chairman Camp's Tax Reform Draft – Analysis of Bond Provisions and Politics
We wanted to provide an overview prepared for BDA by Urban, Swirski & Associates, available [here], of the politics and next steps surrounding the release last week of Ways and Means Committee Chairman Dave Camp’s tax reform proposal. Note that the proposal is simply a “draft,” and not a bill, and is not expected to…
BDA CEO Mike Nicholas Interviewed on Bloomberg TV
To view the interview, please click here.
The Bond Buyer: Camp Tax Reform Plan Expected to Tax Some Muni Bond Interest
BY NAOMI JAGODA and LYNN HUME FEB 25, 2014 6:50pm ET WASHINGTON — House Ways and Means Committee chairman Dave Camp’s tax reform plan would slash the top income tax rate to 25% and impose a 10% surtax on certain earnings of the wealthy, including tax-exempt bond interest that is not currently taxed, according to the…
BDA Holds Legal and Compliance Meeting in Memphis
On Friday, February 21, 2014, the BDA held a Legal & Compliance meeting at the offices of Raymond James in Memphis, TN from 12:30 – 4:30pm. At the meeting, member firms gathered to foster discussion as each separately drafts written supervisory procedures in order to meet the parameters of certain topical rules and proposed regulations.…
The Bond Buyer Commentary: Time of Trade Disclosure: Why a New Rule, Why the Delay?
The objective of the rule is simple: protect the retail investor. And when it comes to the municipal market, the rule already exists. So why is Proposed Rule G-47 pending approval by the Securities and Exchange Commission, and how will it differ from the existing rule? Why is this well-intentioned and, as some believe, needed…
Comments Filed on Proposal to Eliminate Muni Bond Eligibility as High Quality Liquid Asset (HQLA)
The Fed, OCC and FDIC have recently proposed implementing a new liquidity requirement for banks consistent with the Basel III Committee’s liquidity coverage ratio standard. In their proposal, they entirely exclude munis from qualifying as HQLA, the effect of which would be to dampen demand by commercial banks and consequently, raise borrowing costs for issuers. BDA…
BondWave Joins the Bond Dealers of America
The BDA now represents 55 companies active in the US fixed income and securities markets and continues to be the primary voice in Washington, DC when advocating for the interests of fixed income dealers and full service firms whose primary focus is the US capital markets. The addition of BondWave makes the BDA a deeper,…
FINRA Requests Comment on Proposed Amendments to FINRA Rule 4210 for Transactions in the TBA Market
The proposal addresses, among other things, maintenance margin and variation margin requirements, risk limit determinations, concentrated exposures, and exemptions for de minimis transfer amounts and for transactions cleared through registered clearing agencies. You can find the full Regulatory Notice here and the proposed rule amendment available here. A summary of the proposed amendments follows: The proposed…
SEC Delays Implementation of Municipal Advisor Registration Rules
SEC published a notice delaying the implementation of the municipal advisor registration rules until July 1, 2014. BDA had previously submitted a request to delay the effective date, available [here], to permit more time for compliance. To view the press release, please click [here].