There are several exceptions to the general prohibition, including for advice provided by an underwriter. The SEC also approved an interpretive guidance on when a firm would be considered to be an underwriter and not a financial advisor. The BDA has prepared suggested language for firms to use to be considered an underwriter and we…
Author: Bond Dealers of America
BDA Releases Recommended G-23 Disclaimer Language
The language is available here.
2011 Economic Advisory Committee Survey
On April 25, 2011, BDA’s Economic Advisory Committee released its annual survey on the pace of economic growth in our country. To view the complete summary please click here. BDA’s Mark Vitner, the chair of the Economic Advisory Committee was on CNBC this morning discussing the survey results. Please click here to view the video.
BDA Comments on Proposed Broker's Broker Rule
The BDA is supportive of the MSRB’s efforts to have fair bid-wanted auctions and to encourage the wide distribution of the results of the auctions. However, the BDA strongly objects to broker’s brokers having to determine a fair and reasonable price, becuase it will not provide additional protection either to client brokers or to investors,…
BDA Submits Comments on G-17 Guidance for Underwriters
The proposed guidance would subject underwriters to after-the-fact second guessing by regulators on matters such as the price of the bonds, disclosures to issuers, and retail orders. The BDA’s comments are available here.
BDA Comments on FINRA Markup and Markdown Proposals
The BDA believes that this Regulatory Notice does not adequately address the realities of the debt securities market. The BDA believes that the proposal exacerbates the current uncertainty, does not reflect the market realities when firms trade on a principal basis, especially when they are market-makers, and as a result favors and encourages agency trading…
BDA Comments on Proposed Changes to Rule G-23
The BDA urged the SEC to delay the implementation of changes to Rule G-23 until the new fiduciary duty of municipal advisors is more clearly delineated, because that may eliminate the need for any changes to Rule G-23. If changes to G-23 do move forward, the BDA urged the SEC to allow financial advisors to…
The MSRB and the BDA to co-host municipal regulation seminar in Minneapolis, MN
The Municipal Securities Rulemaking Board (MSRB) and the Bond Dealers of America (BDA) will hold a municipal securities regulation seminar for municipal market participants on Thursday, May 12, 2011 from 2:00 p.m. to 5:00 p.m. at the Grand Hotel, 615 Second Avenue South, Minneapolis, MN 55402. To view the MSRB’s press release on this seminar, click here.…
House Democrats Introduce Bill Reinstating Expired Bond Provisions
The bill would, among other provisions, extend through the end of 2011, the 2009 provisions for Bank-Qualified Bonds. The bill would also extend Build America Bonds for 2 years with the reimbursement rate at 32 percent for 2011 and 31 percent for 2012. The bill would also provide additional allocations of Recovery Zone Bonds, exempt…
BDA's Legal and Compliance Committee
BDA has recently expanded its Legal and Compliance Committee. To view the list of members, click here.