Since learning of the October 2018 request from advisory firm PFM in late spring, the BDA has lead industry efforts to push back against the initial request and subsequent efforts from NAMA. Below, is a recap of all BDA advocacy activity, including meeting recaps and an overview of the 3 letters submitted to the SEC.…
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.
BDA Continues Aggressive Advocacy on Non-Dealer MA Request of SEC
After much consultation with the BDA Municipal Division and Legal and Compliance Committee leadership, along with BDA outside counsel-Nixon Peabody and Davis Polk, the BDA has submitted a letter to the SEC opposing the recent requests for guidance regarding private placement activity by non-dealer municipal advisors, while providing framework on potential relief at the request of Commissioner…
BDA Comment Letter: MSRB Request for Comment on Rule G-34 Obligation of Municipal Advisors to Apply for CUSIP Numbers When Advising on Competitive Sales
After consultation with various members and committees, the BDA has submitted a response to the recent the MSRB request for comment on MSRB Rule G-34 ,the “CUSIP Requirement”, which requires a municipal advisor advising an issuer with respect to a competitive sale of a new issue of municipal securities to apply for the assignment of a…
MSRB Establishes New Effective Date for Advertising Rules and Adopts BDA Position on Social Media Guidance
Today, February 26, 2019, the MSRB established the effective date for amendments to MSRB Rule G-21, on advertising by brokers, dealers and municipal securities dealers, and new MSRB Rule G-40, on advertising by municipal advisors (the “advertising rules”), and established new interpretive guidance to the rules on the use of social media. The MSRB also amended the advertising…
MSRB Finalizes Compliance Resource on Application of Content Standards to Advertisements by Municipal Advisors under Rule G-40
Compliance Resource Includes Recommendations Made by BDA The MSRB has published its compliance resource regarding the application of content standards under Rule G-40, on advertising by municipal advisors. The compliance resource notice can be viewed here. The compliance resource was developed through the MSRB’s notice-and-comment process, to which the BDA submitted comments in October and November…
BDA sends comment letter to MSRB on draft compliance under Rule G-40
October 17, 2018, the BDA submitted a comment letter to the MSRB on a draft compliance resource regarding application of content standards under Rule G-40. The final comment letter can be viewed here. The comment letter focuses on the following topics: The BDA believes that a number of the mock advertisement examples in the Notice are…
MSRB Requests Comment on Draft FAQs Related to the Use of Social Media under Advertising Rules
The MSRB is seeking public comment on a draft set of frequently asked questions (FAQs) related to the use of social media in advertising by municipal advisors and municipal securities dealers applicable under Rule G-21 and Rule G-40. The draft FAQs can be viewed here. In May, the SEC approved the MSRB’s proposed Rule G-40, on advertising…
BDA Submits Comment Letter on MSRB Retrospective Review of Underwriter Disclosures to Issuers
Today, August 6, 2018, the BDA submitted a comment letter in response to the MSRB’s request for public comment on existing interpretive guidance on the application of MSRB Rule G-17. The letter can be viewed here. The comment letter requests that the 2012 Guidance: Should be modified to allow for the timing of some of the…
MSRB Requests Comment on Draft FAQs for Rule G-40
The MSRB is seeking comment on a draft set of frequently asked questions (FAQs) related to the application of Rule G-40, on advertising by municipal advisors, to the use of municipal advisory client lists and case studies by municipal advisors. Comments on the draft FAQs are due by July 27, 2018. The draft FAQs can…
PCAOB Audit Exemption Bill Introduced in Congress
On June 7, 2018, Senators Tom Cotton (R-AR) and Doug Jones (D-AL) and Representatives French Hill (R-AR) and Vicente Gonzalez (D-TX) formally introduced The Small Business Audit Correction Act. Press release of the bill’s introduction in Congress can be found here. S. 3004 & H.R. 6021 would exempt small, privately-held, non-custodial broker-dealer firms from the requirement to use a…