(49) It also amended section 15B of the Securities Exchange Act to require municipal advisors to register with the SEC and provide for municipal advisor regulation by the MSRB
deals likely violated the MSRB
's fair dealing rule (see above), but
We recommend including the quasi-governmental regulators (FINRA, PCAOB, NFA, MSRB
) in any mandate because their regulations have economy-wide effects and can substitute for government regulation.
According to the Municipal Securities Rulemaking Board (MSRB
), a self-regulatory organization charged with establishing fair practices and conduct rules for firms and individuals involved in the underwriting, trading and selling of municipal securities:
They are mainly under the purview of the MSRB
, a self-regulator, which is now reviewing the SEC's findings.
In auctions closed from May 7, 2012 to May 11, 2012, investors purchasing municipal bonds in the auctions received average tax-exempt yields 0.55 percentage points, or 55 basis points, higher than similar bonds as reported by the Municipal Securities Rulemaking Board (MSRB
Further, the 1933 Act established the Municipal Securities Rulemaking Board (MSRB
) and granted it regulatory authority over the market, though it was initially very limited in scope.
Nonetheless, the MSRB
and the then-NASD perceived that 529 plan sales
That information can be provided by a full-service broker or by the MSRB
(Municipal Securities Rulemaking Board) website through its EMMA (Electronic Municipal Market Access) reporting system.
He was chairman of the board of directors of the MSRB
and of the MAC of Texas.
Despite the NASD's failure to treat spinning as payment of a prohibited gratuity, this line of analysis has sparked some concern as to whether spinning is analogous to the "pay-to-play" practices that were prevalent in the municipal securities industry until the MSRB
promulgated Rule G-37 in 1994.
Securities Cases Archive and SEC Docket ($6106); American Stock Exchange Guide ($470); MSRB
Manual ($345); NASD Manual ($445); New York Stock Exchange Guide ($680); Commodity Futures Law Reports ($985); and, Securities Transfer Guide ($946).