In a column published in today’s Bond Buyer and in a group letter to congressional leaders, BDA opposed a proposal pending in Congress to require municipal issuers to file financial disclosure documents such as annual financial statements in “machine-readable” format. BDA said “implementation of a machine-readable standard for municipal disclosures would be full of problems” and would…
Category: Advocacy One-Pager
BDA opposes MSRB, FINRA proposals for one-minute trade reporting
BDA today filed comments with the MSRB and FINRA on their coordinated proposals to reduce the time dealers have to report trades to the MSRB’s Real-time Trade Reporting System (RTRS) and FINRA’s Trade Reporting and Compliance Engine (TRACE) from 15 minutes to one minute (MSRB proposal and FINRA proposal). We told the agencies “BDA strongly opposes the…
BDA comments on MSRB fee proposal
BDA filed comments with the SEC on a MSRB proposal to establish a new fee rate setting process for dealers and municipal advisors. In our letter we oppose the MSRB’s proposal and request that the SEC reject the initiative. The proposal would establish a new process for setting MSRB fees for regulated entities. Rather than…
Retail Confirmation Markup Disclosure Rules
Background: The MSRB and FINRA amended rules G-15, G-30 and FINRA Rule 2232 to require dealers to disclose the compensation received on certain municipal and corporate debt transactions. These disclosures must appear on confirmations sent to retail clients, based on the security’s prevailing market price. The rules were approved by the SEC in November 2016…
Overview of FINRA Rule 4210
Background In October 2015, FINRA filed proposed amendments with the SEC to Rule 4210. The Amendments were approved by the SEC in August 2016, and will require U.S. registered broker-dealers to collect daily variation margin and, in some cases, initial margin, from their customers on specified transactions. These margin requirements will apply to “Covered Agency…