Today, the BDA submitted a letter to the MSRB outlining concerns with proposed rule amendments and interpretive Notice on Retail Order Periods. In part, the BDA stated, “We understand that the intent of the Notice is to curtail the failures of some Dealers to comply with the retail order period requriements of issuers and…
Author: Bond Dealers of America
BDA Submits Comment Letter to MSRB on Proposed Changes to Rule G-34, Not Reoffered
Today, the BDA submitted a comment letter to the MSRB on proposed changes to Rule G-34, concerning the designation of “Not Reoffered” in connection with new issues of municipal securities. In the letter, BDA wrote, “By eliminating the “not reoffered” practice by some dealers, the Proposed Rule will allow other comparable transactions to have a…
BDA Chair Larry Bowden fighting for the Muni Market
According to an article in today’s Bond Buyer, Bowden, Executive VP and Director of Institutional Fixed Income Sales & Trading at Little Rock based Stephens Inc., will be spearheading the creation of a Muni Market Coalition with a focus on tax related lobbying including fighting back threats to the tax exempt status of municipal bonds.…
Regulators Should Propose New Volcker Rule, Paredes Says
According to Bloomberg news and comments made at a conference in DC recently, Troy Paredes, Commissioner at the SEC, is urging that the proposed Volcker rule undergo a redraft. Paredes said, “At this point, the most prudent path forward would be a re-proposal.” He expressed concerns that if the rule moves forward as currently proposed,…
BDA Submits Comment Letter on FINRA Proposal to Identify and Manage Conflicts in the Preparation and Distribution of Debt Research Reports
Comments include a concern that there is a failure justify a shift from the substance of the Guiding Principles to Promote the Integrity of Fixed Income Research (Guiding Principles) published by The Bond Market Association in 2004 – a document relied upon by dealers and investors alike, as the standard for governing fixed income research.…
BDA: It's Time to Implement Rules for Municipal Advisors
In an opinion piece featured in the Bond Buyer, BDA CEO Mike Nicholas writes, “More than one year after the enactment of the Dodd-Frank Act, and despite the work by the MSRB on writing a definition, virtually anyone can claim to be a municipal advisor, regardless of qualifications, political contributions or conflicts of interest. This…
BDA Sends Letter to Regulators; Asks For Guidance as Volcker Rule Remains Unclear.
Today, the BDA sent a letter to Regulators on the Volcker Rule outlining concerns over potentially adverse market consequences which might occur as a result of an absence of harmonized common guidance should the original implementation deadline of July 21 pass without a final rule in place. In the letter, BDA suggests that coordinated joint regulatory…
BDA Submits Comments on MSRB Fiscal Year 2013 Priorities.
The MSRB announced earlier this year that it is seeking input as it develops its FY 2013 Priorities. The MSRB sought feedback from “market participants, other stakeholders and the general public to ensure that its planning activities include the broadest-possible array of input and information with which to establish regulatory and other priorities….The result of the…
Rep. Reed Supports Bank-Qualified Bonds
The bill would mirror bipartisan legislation introduced in the Senate by Senators Bingaman (D-NM) and Crapo (R-ID) and would make permanent the bank-qualified rules that were in effect in 2009 and 2010, increasing the annual amount from $10 million to $30 million, indexing that amount and allowing pooled financing. Rep Reed made the announcement at…
U.S. Senate Approves $30M Annual Bank-Qualified Limit; House To Act Next
Today, the United States Senate approved the final version of their surface transportation funding package, which includes a provision for a short-term reinstatement of the $30 million annual volume limit for bank-qualified bonds. Under the Senate bill, the $30 million cap will be in effect for bank-qualified bonds issued from July 1, 2012 thru June…