BDA Continues to Lobby Against SEC Temporary Conditional Exemption

BDA is your DC based lobbyist and advocate hired by you to aggressively work Washington, DC – boots on the ground lobbying to influence regulation and legislation that impacts the US bond markets.  As such, BDA continues to lead the lobbying fight against the TCE and any action by the SEC to make such exemption permanent, whether through Rulemaking or exemptive relief.

BDA has had more in-person meetings and filed more letters to the SEC than any other group.  The result is exemptive relief that is dramatically pared back from the SEC’s original proposal in October 2019 and is temporary, expiring in December 2020.

Through direct member engagement the BDA made progress and continues to lead industry advocacy on all things municipal bond related. Most recently, the BDA submitted a letter in early July calling the action dangerous, and urging the Commission to sunset the provision in December.

**All BDA Advocacy Against Exemption Can be Viewed Here

Capitol Hill Push

Today, the BDA continues to advocate against the original order and the TCE arguing that it should sunset on December 31, 2020 with no chance of extension.
Last week, the BDA hosted Congressman French Hill to discuss TCE among other top BDA priorities, and continues to work with the Congressman and other Members of the House Financial Services Committee to take additional steps against the SEC actions, including a letter to Chairman Clayton.

The interview with Congressman Hill can be viewed here

Prior BDA Advocacy

Since learning of the initial PFM letter and the follow up letter from NAMA to the SEC, the BDA has made this our top priority and taken many steps in order to combat the misinformation represented.

First and foremost, the BDA has pressed the SEC to dismiss this request in full and not grant any form of relief as requested by PFM and NAMA. 

While it’s been clear from day one the SEC wanted to grant relief to sought by PFM and NAMA, the BDA – with direct engagement from members –  through 10 separate meetings at the SEC and 4 comment letters to the SEC was instrumental in this relief being very limited and temporary.

While the BDA opposes any relief, and plans to advocate in favor of the order expiring at the end of the year, the SEC followed BDA suggestions in vastly limited the order and clarifying if MA’s go beyond what is allowed in order it is illegal activity. 

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