BDA: It's Time to Implement Rules for Municipal Advisors

In an opinion piece featured in the Bond Buyer, BDA CEO Mike Nicholas writes, “More than one year after the enactment of the Dodd-Frank Act, and despite the work by the MSRB on writing a definition, virtually anyone can claim to be a municipal advisor, regardless of qualifications, political contributions or conflicts of interest. This is exactly the opposite of what Dodd-Frank intended.”

Click [here] for the full text of the piece.

BDA recently submitted comments for MSRB Priorities for FY 2013, a large focus of which was the need for a permanent definition of Municipal Advisor.  Those comments are [here.]

In January, the BDA reiterated its comments to the SEC in a request for comment on MSRB Rule G-17, but also continued to encourage the SEC to finalize the definition of “municipal advisor” and regulate independent municipal advisors.  See those comments [here.]

In December, a bipartisan group of House members also sent a letter to SEC Chairman Schapiro on the definition of Municipal Advisor.  That letter can be found [here.]

In November, the BDA sent a letter today to SEC Commissioner Elisse Walter that highlights the role played in the municipal market by underwriters as well as urges the SEC to finalize a definition of municipal advisor.  That letter can be found [here.]

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