Major Advocacy Win for BDA Following an extensive advocacy campaign, which included nearly a dozen meetings and multiple letters in opposition, the BDA has today learned that the SEC does not plan to extend the Temporary Conditional Exemption for MA’s. In a letter to Representative French Hill (R-AR), SEC Chair Jay Clayton, while explaining the…
Category: Municipal Advisor Regulatory Regime
To facilitate conversations about the Municipal Advisor (MA) rule, BDA produced a market document available to members, that summarizes how the MA Regulatory Regime impacts issuers and borrowers in the municipal securities market.
Members of Congress -with BDA Support- Urge SEC to Withdraw Exemptive Order
BDA Leads Aggressive Lobbying Against TCE Today, with support and assistance from the BDA, Representatives French Hill (R-AR) and Vincente Gonzalez (D-TX) wrote the SEC in opposition of the Temporary Exemptive Order for Municipal Advisors.The legislators urged the Commission to withdraw the original proposed order and ensure that the TCE expires on December 31st 2020…
More of the same from the SEC
SEC and MSRB staff yesterday held a webinar to walk through the details of the unprecedented Temporary Conditional Exemption the Commission released on June 16. It’s always good to hear from the regulators, and their comments will help those who use the TCE to properly comply with its terms. However, the TCE overall is misguided policy, and staff gave…
G-23 Update: BDA Speaks with MSRB on Potential Rule Changes
Thanks to those who participated in our call this morning on the SEC’s Temporary Conditional Exemption related to Municipal Advisors role in bank placement transactions. One of the issues we discussed this morning involves MSRB Rule G-23. Rule G-23 prevents role switching in transactions where a dually registered MA/BD is serving as MA on a deal, so…
SEC Hosts Secondary Market Municipal Disclosure Virtual Conference
Today, the SEC Office of Municipal Securities hosted a virtual conference titled, Spotlight on Transparency: A Discussion of Secondary Market Disclosure Practices. The event, which was originally scheduled for March, was opened by Chairman Jay Clayton who announced the Commission will provide a “temporary conditional exemption” allowing Municipal Advisors to engage in certain small private placement activities…
SEC Grants Temporary Conditional Exemption for MA’s
Follows BDA Recommendations to Vastly Narrow Scope Chairman Jay Clayton today announced that the Commission has issued an emergency order providing a “temporary conditional exemption” allowing Municipal Advisors to engage in certain small private placement activities without registering as broker dealers. The relief will expire on December 31, 2020. **BDA SEC advocacy can be viewed here…
MSRB Submits A-3 Amendments to SEC PFM Request Not Included
As we reported on Friday, the MSRB has sent to the SEC for final approval changes to MSRB Rules A-3 and A-6 related to board membership. The amendments will, among other things, reduce the board size from 21 to 15 and specify that anyone seeking a public board seat who previously worked for a regulated…
BDA Survey Results: Muni MA Activity and the SEC’s Proposed Exemptive Relief
Over the past month, the BDA conducted a survey in response to the SEC proposed exemptive relief for MAs. The survey asked firms how they plan to adapt their business model if the order is enacted in its current form. The results can be viewed here. The survey addresses questions that have stemmed from the…
BDA Responds with Narrowly Tailored Parameters to Any Potential Exemptive Relief for Municipal Advisors
After multiple meetings at the SEC including with the Chair, all Commissioners, and staff leadership at the Office of Municipal Securities and Trading and Markets, today (1/28/20) the BDA submitted comments to the SEC that would narrowly tailor the proposed exemptive order. Following extensive work with the BDA working group and outside counsel Davis Polk…
BDA Delivers Strong Message to SEC: Reject the Exemptive Order Outright
Both the BDA and C-Suite Leaders Submit Comments with the SEC Today, following extensive work with the BDA working group, BDA policy committees, and outside counsel Nixon Peabody and Davis Polk, the BDA submitted two letters in opposition to the SEC request for comment . The BDA comments, which can be viewed here, argue that the Commission…