Dodd-Frank.com

SEC Publishes Draft Strategic Plan For Public Comment

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The SEC has published for public comment its Draft Strategic Plan that outlines the agency’s strategic goals for fiscal years 2014 to 2018. To comment on the 2014-2018 Draft Strategic Plan, send an e-mail to PerformancePlanning@sec.gov by March 10, 2014. Some of the initiatives outlined in the stategic plan include: Engage in... Read More

Topics: Derivatives, Municipal Advisors, Public Companies and Securities

MSRB Requests Comment on Consolidated Registration Rule

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The Municipal Securities Rulemaking Board, or MSRB, is seeking comment on proposed rule changes that would set forth in a single rule the requirements to and process by which brokers, dealers and municipal securities dealers (“dealers”) and municipal advisors (collectively “regulated entities”) register with the MSRB.  The substance of the... Read More

Topics: Municipal Advisors

MSRB Provides Guidance to Underwriters on Obligations to State and Local Governments

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The Municipal Securities Rulemaking Board, or MSRB, has published implementation guidance to assist underwriters in meeting their newly expanded legal obligations to state and local governments. According to the MSRB, the Dodd-Frank Act expressly directs the MSRB to protect municipal entities. Effective August 2, 2012, underwriters of municipal securities are... Read More

Topics: Municipal Advisors

SEC Approves Interpretive Notice on the Duties of Underwriters to State and Local Government Issuers

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The SEC has approved an interpretive notice of the MSRB under which underwriters of municipal securities will be required to disclose to their state and local government clients risks about complex financial transactions, potential conflicts of interest, and compensation received from third-party providers of derivatives and investments. Some of the... Read More

Topics: Municipal Advisors

MSRB Issues Proposal to Restrict Underwriters’ Provision of Bondholder Consent

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The Municipal Securities Rulemaking Board, or MSRB, has published a draft proposal concerning circumstances under which municipal bond underwriters would violate their duty to deal fairly by consenting to certain amendments to bond authorizing documents. The MSRB is concerned that underwriters are providing bondholder consent to document changes, such as... Read More

Topics: Municipal Advisors

GAO Report on Market Structure, Pricing, and Regulation of the Municipal Securities Market

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The Dodd- Frank Wall Street Reform and Consumer Protection Act required GAO to review several aspects of the municipal securities market, including the mechanisms for trading, price discovery, and price transparency. Accordingly, GAO has issued a report that report examines: municipal security trading in the secondary market and the factors... Read More

Topics: Municipal Advisors