Following testimony before a House Financial Services Subcommittee Friday, July 20, the BDA has sent the Chairman and Ranking Member of the full Committee a letter of support for H.R. 2827 by Congressman Dold (R-Il). The bipartisan bill clarifies the definition of municipal advisor and prevents underwriters from being misclassified under the Dodd-Frank Act. The bill was…
Author: Bond Dealers of America
SEC Releases Report on Municipal Securities Market
According to the SEC, the comprehensive report includes recommendations to help improve the structure of the $3.7 trillion municipal securities market and enhance the disclosures provided to investors. The recommendations address concerns raised by market participants and others in public field hearings and meetings as well as the public comment process during the agency’s review, which…
BDA Submits Letter on MSRB Concept Proposal for Public Disclosure of Financial Incentives
Today, the BDA submitted a comment letter to the MSRB registering concern for a Concept Proposal which would require public disclosure on EMMA of all payments, receipts or potential financial incentives made or received by dealers that may represent conflicts of interest. Although improved transparency is one of BDA’s most important policy priorities, we question…
BAM Joins BDA As Its Newest Member
The BDA is very pleased to announce that Build America Mutual Assurance Company (BAM) is the newest member of the Bond Dealers of America. The BDA now represents 54 firms active in the US fixed income markets and continues to be the primary voice in Washington, DC when advocating for the interests of fixed income dealers whose…
BDA Representing Middle Market and Regional Dealers at House Financial Services Subcommittee Hearing
Today, the BDA, represented by Michael Marz, Vice Chairman of FirstSouthwest, testified before the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises for a hearing entitled, “The Impact of the Dodd-Frank Act on Municipal Finance.” In his testimony, Marz renews the BDA’s call for a level regulatory playing field to protect the…
GAO Releases Municipal Securities Report
The Dodd-Frank Wall Street Reform and Consumer Protection Act required GAO to review the information issuers of municipal securities must disclose for the benefit of investors. SEC and MSRB provided technical comments, which GAO incorporated, as appropriate. FINRA did not provide comments. The report addresses: The extent to which information currently provided on municipal securities…
MSRB PROVIDES COMPREHENSIVE GUIDANCE TO UNDERWRITERS ON G-17
Today, the MSRB published comprehensive implementation guidance to assist underwriters in meeting their newly expanded legal obligations to state and local governments. The new implementation guidance reiterates the principles underlying the interpretive notice and provides practical considerations for underwriters to bear in mind when evaluating their activities and procedures for compliance. Today’s Comprehensive Implementation Guidance can be found…
BDA Submits Statement for the Record to the House Committee on Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises.
Today, the BDA submitted a statement to the House Committee on Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises. The Subcommittee on Capital Markets is holding a hearing on July 10 focusing on the Impact of Dodd-Frank on Customers, Credit, and Job Creators. The BDA suggested several recommendations to the drafters of the…
BDA Submits Comment Letter to the MSRB on Elimination of Large Trade Size Masking on Price Transparency Reports
Today, the BDA submitted a comment letter to the MSRB on the elimination of large trade size masking on price transparency reports. BDA is pleased with the MSRB’s focus on transparency in the municipal markets and noted “We believe [in] the importance of increased transparency within the municipal markets and, more importantly, certainty that all…
BDA Hires Veteran Lobbyist, Susan Collet, as Senior Vice President of Government Relations
The Bond Dealers of America announced today it is naming Susan Collet Senior Vice President for Government Relations, effective July 9th. Ms. Collet joins the Association from the National Rural Electric Cooperative Association where she served as Senior Principal for Government Relations. “We are very pleased to welcome Susan to the BDA,” commented Larry Bowden,…