By Kyle Glazier Published February 08 2018, 2∶34pm EST More in Securities law, BDA, SEC, MSRB, FINRA PHOENIX — Bond Dealers of America is pushing the Securities and Exchange Commission for an extension of several months to comply with new markup disclosure rules, according to a letter the group sent SEC chairman Jay Clayton this…
Category: FINRA & MSRB’s Retail Confirmation Markup Disclosure Rules
The BDA is advocating for one harmonized rule between the MSRB and FINRA that provides clear and valuable information to investors regarding markups on certain retail trades.
BDA Sends Follow-Up Letter to SEC Chairman Clayton Regarding Retail Confirmation Mark-Up Disclosure
On February 7, 2018, BDA sent a follow-up letter to SEC Chairman Clayton (cc’ing his fellow commissioners, SEC divisions, FINRA and the MSRB) regarding our January 17, 2018, SEC fly-in which focused on retail confirmation mark-up disclosures. During our meeting on January 17, Mr. Clayton candidly expressed to us that he feels if a flat…
BDA Update: Retail Confirmation Markup Disclosures
BDA is working swiftly to follow-up with SEC Chairman Clayton and his fellow commissioners regarding our January 17 SEC fly-in which focused on retail confirmation markup disclosures. BDA became aware in late 2017 that the chairman and commissioners were frustrated with industry calls for a flat delay of the rule, and quickly acted to set up BDA…
MSRB Reminds Dealers of Existing Guidance on Filtering of Bids and Offers
On January 3, 2018, the MSRB published a notice on regulatory responsibilities related to filtering. The notice acknowledges the legitimate uses for filtering, but reminds dealers of existing guidance that can assist in assessing policies and procedures that govern when and how to use, review and change filters to ensure compliance with regulatory obligations. The…
MSRB’s Request for Comment on Retrospective Review of Primary Offering Practices
The MSRB has released for comment its concept proposal on MSRB rules on primary offering practices. The BDA’s letter suggests that existing MSRB rules adequately protect primary offering practices and the existing regulatory framework is sufficient, thus eliminating the need for new rules to govern primary offering practices. Public comments on the proposal are due…
BDA Submits Comment Letter to the SEC: MSRB Retail Confirmation Disclosure Rule Proposal
BDA submits comment letter to the SEC on the MSRB’s retail confirmation disclosure rule proposal and the proposed amendments for establishing ‘prevailing market price’. BDA has submitted a comment letter to the SEC in response to the MSRB’s filing of its proposed retail confirmation disclosure rule along with proposed guidance amendments to MSRB Rule G-30 related to…
BDA Submits Comment Letter to the SEC on FINRA’s Retail Confirmation Rule
Today, BDA submitted a comment letter to the SEC in response to FINRA’s proposed retail confirmation disclosure rule. BDA’s letter focuses on: The urgent need for FINRA and MSRB to harmonize their rules from a policy, testing date, and effective date standpoint BDA urges regulators to appreciate the operational burdens associates with automating the process for making…
BDA Submits Comment Letter to FINRA and MSRB on Proposed Retail Markup Disclosure and Pricing Reference Rules
Today, BDA submitted a comment letter in response to the MSRB/FINRA proposed retail confirmation disclosure rules. BDA will continue to advocate for a simpler, less confusing, and less costly solution on this high-priority issue, including scheduling in-person meetings with all the relevant regulators in the near future. We will keep BDA membership informed on next steps…
BDA Submits Comment Letters: FINRA and MSRB Proposed Pricing Reference Disclosure Rules
BDA submitted an identical comment letter to both FINRA and MSRB in response to their request for comment on a proposed rule to require a pricing reference disclosure on certain retail-size fixed income trades. The BDA’s letter can be accessed here. The BDA’s letter focuses on several core issues with the proposed rule. Regulators have yet to explore…
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…