Working with BDA, a coalition of women-, minority-, and veteran-owned broker-dealers has requested that the SEC provide targeted relief from the net capital rule for comanagers in corporate underwriting syndicates. You can read the BDA’s letter to the SEC here. FINRA’s syndicate closing rule (FINRA Uniform Practice Code Rule 11880) specifies that book-running managers on…
Category: SEC and MA Temporary Conditional Exemption
SEC Investigations Likely to Increase
Yesterday, BDA member firm Nixon Peabody released a government inspections alert looking into the possible impact at the SEC of full Democratic control of Washington. The alert follows the February 9th announcement from acting Chair Allison Lee that the agency would allow more enforcement supervisors to authorize investigations, a power that had been scaled back…
BDA to SEC: Let the MA Exemption Expire
BDA today sent a letter to SEC Chairman Jay Clayton on the Temporary Conditional Exemption the SEC issued in June related to the role of Municipal Advisors on certain municipal private placements. In our letter, we asked Chairman Clayton to allow the Exemption to expire at the end of the year as scheduled. The letter can be…
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…
BDA Continues to Lobby Against SEC Temporary Conditional Exemption
BDA is your DC based lobbyist and advocate hired by you to aggressively work Washington, DC – boots on the ground lobbying to influence regulation and legislation that impacts the US bond markets. As such, BDA continues to lead the lobbying fight against the TCE and any action by the SEC to make such exemption permanent, whether…
BDA Calls SEC’s Municipal Advisor Exemption “Dangerous.”
BDA today sent a letter to SEC Chairman Jay Clayton on the Temporary Conditional Exemption the SEC issued last month with regard to Municipal Advisors’ role in bank placement transactions. In our letter we highlight the risks associated with the TCE and critique the SEC’s justifications. We cite testimony Chairman Clayton presented last week before…
MSRB releases guidance on Rule G-23 and the SEC’s Temporary Conditional Order
The MSRB this afternoon released guidance addressing the interaction of MSRB Rule G-23 and the SEC’s Temporary Conditional Order related to the role of Municipal Advisors in bank placement transactions. The guidance is in the form of an addition to the MSRB’s COVID-related frequently asked questions. As you may recall, BDA reported last Friday that the MSRB…
House Committee Discusses SEC Temporary MA Order
The House Financial Services Committee Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets held a hearing this afternoon titled “Capital Markets and Emergency Lending in the COVID-19 Era.” SEC Chairman Jay Clayton was the sole witness. The hearing focused on the US capital markets’ response to the virus crisis and steps the SEC has taken to…
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…
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…