BDA supports H.R. 2827 because it paves the way for the SEC and the MSRB to regulate currently unregulated municipal advisors, while providing needed clarification that underwriters are not captured by the definition. Being defined as a municipal advisor entails a fiduciary duty that does not fit the role of the underwriter, who owes a…
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 Comments on Proposed Changes to Rule G-23
The BDA urged the SEC to delay the implementation of changes to Rule G-23 until the new fiduciary duty of municipal advisors is more clearly delineated, because that may eliminate the need for any changes to Rule G-23. If changes to G-23 do move forward, the BDA urged the SEC to allow financial advisors to…