Dodd-Frank.com

MSRB Seeks to Extend Pay-to-Play Rule to Municipal Advisors

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The Municipal Securities Rulemaking Board, or MSRB, is requesting comment on draft amendments to Rule G-37, the MSRB’s pay-to-play rule for municipal securities dealers, that would extend the rule to municipal advisors. According to the  MSRB, the draft amendments seek to curb pay-to-play activities by municipal advisors and provide greater... Read More

Topics: Banking, Broker-Dealer, Municipal Advisors

SEC Commissioner Objects to Retroactive Application of Dodd-Frank Bars

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Commissioner Gallagher recently filed this opinion dissenting in part with respect to In the Matter of John W. Lawton. The matter arose out of the alleged misconduct of respondent John W. Lawton, who purportedly committed multiple violations of the antifraud provisions of the securities laws. The respondent’s alleged misconduct resulted... Read More

Topics: Investment Advisers, Litigation, Municipal Advisors

SEC: Don’t Ignore the Habitually Wrong Whistleblower

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SEC Chair Mary Jo White recently gave a speech on a number of important matters, including the role of directors as gatekeepers, her views of self-reporting of violations and the SEC’s whistleblower program.  In the speech she noted “You may well have doubts about the bona fides of a particular... Read More

Topics: Broker-Dealer, Employment, Investment Advisers, Litigation, Municipal Advisors, Private Equity, Public Companies and Securities

MSRB Requests Comment on Establishing Professional Qualification Requirements for Municipal Advisors

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The Municipal Securities Rulemaking Board, or  MSRB, is seeking comment on draft amendments to its professional qualification rules to establish requirements for municipal advisors and their associated persons. The draft amendments would set professional qualification standards for municipal advisor professionals and require municipal advisors and their associated persons engaging in... Read More

Topics: Municipal Advisors

MSRB to Implement Registration Process for Municipal Securities Dealers and Municipal Advisors

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The Municipal Securities Rulemaking Board, or MSRB, has received approval from the SEC to consolidate its multiple registration requirements and forms for municipal securities dealers and municipal advisors. The MSRB’s consolidated registration rule becomes effective on May 12, 2014 for all municipal securities dealers and municipal advisors seeking to register... Read More

Topics: Broker-Dealer, Municipal Advisors

Conducting Your Business to Avoid Municipal Advisor Registration: Energy Services and Solar Energy Companies

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The final municipal advisor rules and associated guidance provide what many consider to be workable relief for energy services and solar energy companies to structure their business in such a fashion that registration as a municipal advisor should not be required.  We believe that businesses that wish to avoid registration... Read More

Topics: Municipal Advisors