A broker-dealer settled charges with FINRA for failing to include required information on customer confirmations for municipal securities transactions.
In an annual report, the SEC Division of Examinations identified current risks for investors and registrants and highlighted key areas for examination in 2024.
The MSRB requested comment on draft amendments to Uniform Practice regulations which would retire or reorganize interpretive guidance pertaining to confirmation disclosure requirements for inter-dealer municipal securities transactions.
In a report titled "Issuer Considerations for Distributing Bonds: Establishing Priority of Orders," the MSRB offered an overview of how the prioritization of orders is determined and documented, and emphasized that "[i]ssuers are free to structure the priority of orders in any manner they see fit in light of their goals and objectives for the offering."
The MSRB examined potential causes of recent increases in secondary market customer costs for fixed-rate municipal securities. The rise in these costs, as measured in effective spread, reversed a consistent downward trend for over a decade.