Director of the SEC Office of Municipal Securities Dave A. Sanchez raised supervisory concerns over evolving deal structures amid low issuance in the municipal securities market.
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In an annual report, the SEC Division of Examinations identified current risks for investors and registrants and highlighted key areas for examination in 2024.
In an effort to respond to questions about certain trades that have a negative yield, as reported to the MSRB’s Real-Time Transaction Reporting System, the MSRB provided clarity on misunderstandings around negative yield municipal bonds.
The MSRB proposed to (i) amend its time of trade disclosure rule and related interpretive guidance and (ii) provide that SEC-registered investment advisers would no longer be required to make certain affirmations to qualify for Sophisticated Municipal Market Professional status.
The SEC approved MSRB amendments to Rules G-19 and G-48 to eliminate the potential for regulatory arbitrage and establish a "uniform standard of investor protection" for transactions in municipal securities by retail investors.