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BDA Submits Comment Letter to MSRB on Bank Loan Disclosure Concept Proposal
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The BDA submitted a comment letter to the MSRB that responds to the MSRB’s request for comment on a concept proposal to require the municipal advisor (MA) involved in a direct purchase or placement of a bank loan to disclose that direct purchase or bank loan to EMMA.
Comment Letter Summary:
- The BDA’s comment letter states that the BDA is a proponent of greater bank loan disclosure
- However, BDA does not believe it is appropriate, practical, or within the MSRB’s legal authority to require MAs to be the market participant that is required to make the disclosure
- BDA states that the optimal method for improving disclosure of bank loans would be for the SEC to amend Rule 15c2-12
- The letter also highlights the fact that non-dealer MAs continue to act as placement agents on securities transactions without registering as a broker-dealer
- BDA also notes that EMMA is not currently set up to facilitate these types of disclosures in an effective way
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