Today, the BDA submitted comments to the SEC on FINRA Proposed Rule Change Relating to TRACE Reporting and Dissemination of Transactions in Agency Pass-Through Mortgage-Backed Securities Traded in Specified Pool Transactions. In the letter, BDA expressed concern with the proposed rule and suggested an alternative solution. For the full comment letter, click [here.] The FINRA Notice…
Author: Bond Dealers of America
Legislative Update: Congressmen Reed and Neal Introduce Bank Qualified Legislation
On Wednesday, May 9, 2012, BDA-supported legislation on bank-qualified bonds was introduced in the U.S. House of Representatives. The House legislation is jointly co-sponsored by Reps. Tom Reed (R-NY) and Richard Neal (D-MA). The House legislation mirrors legislation pending in the U.S. Senate that would permanently raise the annual volume limit for bank-qualified bonds to…
BDA Submits Statement to Senate Finance Committee
On April 25, 2012, the U.S. Senate Finance Committee held a hearing on “Tax Reform: What is Means for State and Local Fiscal Policy”. BDA has submitted a written statement to the Committee, which focuses principally on urging Congress to retain current tax law treatment of municipal bonds and outlining the potential impact any limitation…
In the News: Bond Market Watchdog Seeks SEC Approval for Stricter Disclosure of Bond Referendum Campaigns
According to a recent article in the Washington Post, the “MSRB says it needs more information to determine whether there needs to be a ban on engaging in business resulting from such [campaign] contributions. That’s why it will soon ask the SEC to approve a rule that requires more details from firms, such as the…
U.S. Senate Finance Committee Holds Hearing examining Tax Reform issues
Yesterday, the Senate Finance Committee held a hearing on tax reform and its potential impact on state and local fiscal policy. This hearing is one in a series of hearings the Committee has conducted to examine various issues that are sure to be in the forefront of the tax reform debate. Witnesses at yesterday’s hearing…
Schapiro says SEC May Scale Back Defintion of Muni Advisor
Yesterday, the House Financial Services Committee held a hearing entitled “Oversight of the U.S. Securities and Exchange Commission.” At that hearing, Chairman Schapiro, the only witness to testify, said the Commission is considering scaling back its initial proposed definition of municipal advisor and that the rule proposed in 2010, “cast the net too widely.” Today’s…
Fiduciary Duty Concept Release by Summer 2012
Speaking at the Investment Management Consultants Association, former head of SEC’s Investment Management, Buddy Donohue says that it’s possible the industry sees a concept release later this year, but not the proposed rule. As reported, Donohue indicated an actual rule proposal on a fiduciary standard for brokers is unlikely to occur this year, but we…
Volcker Rule Clarity
On April 19, the SEC posted the following press release on its website – a notice from the SEC, Fed, CFTC, FDIC and OCC clarifying the compliance obligations through the two year conformance period for the yet to be finalized Volcker Rule. This decision to provide much needed clarity to the markets is in direct response…
Bachus and Hensarling Send Letter to SEC Chairman; Concerned About Discretionary Reform of Money Market Funds
Spencer Bachus, Chairman of the House Committee on Financial Services, along with Jeb Hensarling, Vice Chairman of the Committee, jointly sent a letter to SEC Chairman Mary Schapiro outlining concerns with the SEC’s decision to review money market fund reforms in light of delays regarding mandatory rulemakings. View the full letter [here.]
BDA Submits Comments to the SEC ON MSRB Rule G-43, Broker's Brokers
Today, the BDA submitted to the SEC a comment letter on MSRB Notice of Filing of Proposed Rule G-43, on Broker’s Brokers; Proposed Amendments to Rule G-8, on Books and Records, Rule G-9, on Record Retention, and Rule G-18, on execution of Transactions; and a Proposed Interpretive Notice on the Duties of Dealers That Use the…