House Financial Services Committee
Subcommittee on Capital Markets
Yesterday, the BDA’s CEO Mike Nicholas testified before the House Financial Services Subcommittee on Capital Markets during a hearing titled, “The Role of Self-Regulatory Organizations in U.S. Markets: Examining FINRA and the MSRB.”
The BDA was the only industry group representing regulated entities featured in this hearing.
Further information on the hearing, including the written BDA testimony can be found here.
Key points included:
- Emphasis on the importance of consistent, fair, and transparent rulemaking processes.
- Concerns about regulatory layering and duplication between SRO and federal agencies.
- Need for modernization of regulatory frameworks to reflect technology, AI, and evolving bond market structure.
- Importance of proportional regulation for small and mid-sized dealers.
- Support for enhanced coordination among FINRA, MSRB, SEC, and other regulators.
- Advocacy for preserving market liquidity and dealer participation in U.S. bond markets.