Today, BDA submitted an additional comment letter to the IRS and Treasury as a follow up to our October 7 meeting with IRS and Treasury officials and our testimony at the IRS public hearing. The purpose of the letter is to provide answers to the following questions, which were asked by regulators during our meeting and the public…
Category: IRS Proposed Regulations on Issue Price
BDA has engaged the IRS and Treasury in discussions about the market impact of the IRS’s re-proposed rule, submitting multiple comment letters, testifying at a public hearing and meeting directly with IRS and Treasury staff.
Michael Imhoff of Stifel, Nicolaus & Co. Testifies at IRS Public Hearing on 'Issue Price' for Municipal Securities
Today, Michael Imhoff, Managing Director of Fixed Income Capital Markets at Stifel, Nicolaus & Co. testified on behalf of the BDA at an IRS public hearing on the recently proposed rule to define ‘issue price’ for municipal securities. BDA’s public hearing testimony can be read here. The following people also testified at the public hearing:…
BDA Submits Issue Price Comment Letter to IRS
Today, BDA submitted a comment letter to IRS in response to its request for comment on a proposed rule to re-define ‘issue price’. The proposal partially withdraws the 2013 issue price proposal. The BDA’s draft letter focuses on: Problems for issuers and the marketplace that will be caused by an actual sales approach and the absence of a…
BDA Submits Comment Letter to IRS on Issue Price to Inform 2015-16 IRS Priority Guidance
BDA submitted a comment letter to IRS in response to its request for comment on the 2015-2016 IRS Priority Guidance Plan. The purpose of BDA’s letter is to reaffirm BDA’s concerns with IRS’s proposed rule changes related to issue price if IRS choses to move forward on the proposed rule changes in 2015-16. The letter reaffirms BDA’s previously…
BDA Submits Comment Letter: IRS Proposed Regulations Affecting Issue Price
Today the BDA submitted a comment letter to the IRS regarding proposed regulations affecting issue price. Highlights of the letter include discussion of the following: The rules must take into account the reality that municipal securities are bought and sold within the context of a fluid marketplace with capital at risk; The IRS must identify…
GAO issues Report on Municipal Securities: Overview of Market Structure, Pricing, and Regulation.
The U.S. Government Accountability Office completed a study regarding municipal securities disclosure as mandated by Section 976 of the Dodd-Frank Act. The study focused specifically on ways to identify and weigh options for improving municipal securities disclosure and its regulation. Some of the highlights are below: GAO analysis of trade data showed that institutional investors…