Potential Modernization of Municipal Fund Securities Disclosure Obligations
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) in response to the Concept Release regarding its Potential Modernization…
US Municipal Bonds Statistics
SIFMA Research tracks issuance, trading, and outstanding data for the U.S. municipal bond market. Issuance data is broken out by…
Request for Information on the MSRB’s Rate Card Process
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) in response to the Request for Information regarding its Rate…
Extension: Municipal Securities Disclosure (Exchange Act Rule 15c2–12)
SIFMA provided comments on the request for comment issued by the U.S. Securities and Exchange Commission (SEC) on the existing…
Proposed Rule Change Consisting of Amendments to MSRB Rule G-14 and to Amend FINRA Rule 6730 (SIFMA and SIFMA AMG)
SIFMA and SIFMA AMG provided comments to the U.S. Securities and Exchange Commission (SEC) and reiterated comments made in their…
Request for Comment on Gathering and Display of Bank Dealer Associated Persons’ Registration and Qualification Information
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) on their Request for Comment on Gathering and Display of…
SEC Instituting Proceedings on FINRA and the MRSB’s Proposals to Shorten Trade Reporting Timelines in Fixed-Income Markets (SIFMA and SIFMA AMG)
SIFMA and SIFMA AMG provided further comments to the U.S. Securities and Exchange Commission (SEC) in light of the SEC’s instituting…
Proposed Rule Change To Amend MSRB Rule G– 47, on Time of Trade Disclosure, To Codify and Retire Certain Existing Interpretive Guidance and New Time of Trade Disclosure Scenarios
SIFMA provided comments to the U.S. Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board’s (MSRB) Notice of…
Request for Information on Impacts of MSRB Rules on Small Firms
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) on their Request for Information on Impacts of MSRB Rules…
SIFMA and SIFMA AMG Comment on One-Minute Trade Reporting Proposals
New York, NY, February 15, 2024 – In a comment letter filed with the SEC today, SIFMA and SIFMA AMG…
Proposed Rule Change to Amend MSRB Rule G–14 and FINRA Rule 6730 (SIFMA and SIFMA AMG)
SIFMA and SIFMA AMG provided comments to the U.S. Securities and Exchange Commission (SEC) on SR-MSRB-2024-01 (the “MSRB Proposal”) filed…
The Bond Buyer: The Year Ahead for the Broker-Dealer Community
In a recent episode of the Bond Buyer podcast, SIFMA's Leslie Norwood, Managing Director, and Associate General Counsel, Head of…
Proposed Rule Change To Amend MSRB Rule G–12 To Promote the Completion of Allocations, Confirmations, and Affirmations by the End of Trade Date
SIFMA provided comments to the U.S. Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board’s (MSRB) filing. SIFMA…
Large Banking Organizations and Banking Organizations with Significant Trading Activity (Muni Joint Trades)
SIFMA, Government Finance Officers Association, National Association of Health and Educational Facilities Finance Authority, National Association of State Treasurers, American…
Proposed Rule Change to Establish the 2024 Rate Card Fees for Dealers and Municipal Advisors Pursuant to MSRB Rules A–11 and A–13
SIFMA provided comments to the U.S. Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board’s (MSRB) filing to…
Proposed Rule Change to Establish the 2024 Rate Card Fees for Dealers and Municipal Advisors Pursuant to MSRB Rules A-11 and A-13 (Joint Trades)
SIFMA, American Securities Association (ASA), Bond Dealers of America (BDA), and National Association of Municipal Advisors (NAMA) provided comments to…
Request for Comment on Retrospective Rule Review of Rule G-12(c) on Inter-Dealer Confirmations and Related Interpretive Guidance
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) on the MSRB’s retrospective review of Rule G-12(c).
MSRB Amendment to Rules G-12 and G-15 on Regular-Way Settlement
SIFMA provided comments to the U.S. Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board's (MSRB) filing.
Request for Comment Regarding a Retrospective Review of the MSRB’s Time of Trade Disclosure Rule and Draft Amendments to MSRB Rule D-15, On Sophisticated Municipal Market Professionals
SIFMA provided comments to the Municipal Securities Rulemaking Board MSRB) on their Request for Comment Regarding a Retrospective Review of…
Proposed Regulation Best Execution
SIFMA provided comments to the U.S. Securities and Exchange Commission (SEC) on the SEC’s Proposed Regulation Best Execution in the…
SIFMA Supports Reintroduction of Investing in Our Communities Act
Washington, D.C., March 28, 2023 – SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr.…
SIFMA and SIFMA AMG Raise Concerns Over SEC’s Proposed Securitization Rule
New York, NY, March 28, 2023 – In a comment letter filed with the Securities and Exchange Commission (SEC) in…
Prohibition Against Conflicts of Interest in Certain Securitizations (Joint Trades)
SIFMA, Government Finance Officers Association (GFOA), National Association of State Treasurers (NAST), Bond Dealers of America (BDA), Education Finance Council…
Request for Public Comment Regarding Proposed Rule 192
SIFMA provided comment to the U.S. Securities and Exchange Commission (SEC) on proposed Rule 192 under the Securities Act of…
Request for Public Comment Regarding Proposed Rule 192 (SIFMA, SIFMA AMG and BPI)
SIFMA, SIFMA AMG and the Bank Policy Institute (BPI) provided comments to the U.S. Securities and Exchange Commission (SEC) on…
Proposed Rule Change to Create New MSRB Rule G-46, on Duties of Solicitor Municipal Advisors, and to Amend MSRB Rule G-8, on Books and Records
SIFMA provided comments to the Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board’s (MSRB’s) Proposed Rule Change…
Proposed Rule Change Consisting of Amendments to MSRB Rule G-40, on Advertising by Municipal Advisors, and MSRB Rule G-8, on Books and Records
SIFMA provided comments to the Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board’s (MSRB’s) Filing of a…
Request for Comment on Draft Amendments to Create an Exemption for Municipal Advisor Representatives from Requalification by Examination
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) on their Request for Comment on Draft Amendments to Create…
Request for Comment on Draft Amendment to MSRB Rule G-32 to Streamline the Deadlines for Submitting the Information on Form G-32
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) on their Request for Comment on Draft Amendment to MSRB…
MSRB Notice 2022-07 and FINRA Regulatory Notice 22-17 – Proposals to Shorten Fixed Income Trade Reporting Timeframes
SIFMA and SIFMA AMG provided comments to the Municipal Securities Rulemaking Board (MSRB) and Financial Industry Regulatory Authority (FINRA) on…
MSRB Notice 2022-06 – Amendments to Certain Fees for Dealers and Municipal Advisors and Proposing an Annual Rate Card Process
SIFMA provided comments to the U.S. Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board’s (MSRB’s) Notice 2022-06…
SIFMA, BDA and NAMA on MSRB Proposed Changes to its Fee Setting Process
SIFMA, BDA and NAMA provided comments to the U.S. Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board's…
MSRB Notice 2022-03 – Amendments to Certain Fees for Dealers and Municipal Advisors and Proposing an Annual Rate Card Process
SIFMA provided comments to the U.S. Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board’s Notice 2022-03 and…
MSRB Fair Dealing Solicitor Municipal Advisor Obligations and New Draft Rule G-46
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) on their Notice (MSRB Notice 2021-18) on fair dealing solicitor…
MSRB RFI on ESG Practices in the Municipal Securities Market
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) on their Notice (MSRB Notice 2021-17) requesting public input on environmental,…
Draft Companion Compliance Resources for Dealers and Municipal Advisors
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) Notice 2021-12 requesting comment on draft companion compliance resources for…
SIFMA Statement on Exclusion of Muni Bond Provisions from Reconciliation Bill
Washington, D.C., October 29, 2021 – SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr.:…
Amendments to Rule G-10 Notification Requirement for Dealers
SIFMA provided comments to the Securities and Exchange Commission (“SEC”) on the Municipal Securities Rulemaking Board’s (“MSRB’s”) Filing of a…
Amendments to Rule G-10 Notification Requirement for Dealers
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) on their Notice 2021-08, proposing an amendment to MSRB Rule…
MSRB Notice 2021-07 – Fair Dealing Solicitor Municipal Advisor Obligations and New Draft Rule G-46
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) on MSRB Notice 2021-07 requesting comment on fair dealing solicitor…
Application of Regulation Best Interest to Bank Dealers
SIFMA provided comments to the MSRB regarding Notice 2021-06 (the “Notice”), which proposes an amendment to MSRB Rule G-19 that…
Concerns with Amendments to MSRB Rules G-19 and G-48
SIFMA provided comments to the MSRB to address an issue regarding recent amendments to Rules G-19 and G-48 with the…
SIFMA Statement on Municipal Bond Provisions in the FY 2022 Budget
Washington, D.C., May 28, 2021 – SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr.…
SIFMA Submits Testimony on Funding America’s Infrastructure
Washington, D.C., May 18, 2021 – SIFMA today submitted testimony for the record of the Senate Finance Committee hearing “Funding…
Proposed Amendments to the Margin Rule Regarding When Issued and Other Extended Settlement Transactions
SIFMA provided comments to the Financial Industry Regulatory Authority, Inc. (FINRA) on proposed amendments to the margin rule regarding when…
Joint Trades Letter in Support of the LOCAL & AIBS Acts
SIFMA and joint trades provided comments to Leaders Schumer and McConnell in support of S. 479, the “Lifting Our Communities…
SIFMA Statement on Reintroduction of the American Infrastructure Bonds Act
Washington, D.C., April 22, 2021 – SIFMA today released the following statement from president and CEO Kenneth E. Bentsen, Jr.…
SIFMA Welcomes Introduction of the LIFT Act
Washington, D.C., April 16, 2021 – SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr.…
SIFMA Statement on the Investing in Our Communities Act
Washington, D.C., March 29, 2021 – SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr.…
Tax Tools to Help Local Governments
Submission for the Record by SIFMA before the House Ways & Means Select Revenue Measures Subcommittee in the hearing: “Tax…
Amendments to Regulation ATS
SIFMA provided comments to the SEC on the Regulation ATS for ATSs that Trade U.S. Government Securities, NMS Stock and…
SIFMA Welcomes Introduction of the LOCAL Infrastructure Act
Washington, D.C., February 25, 2021 – SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr.…
Bond Buyer Podcast: SIFMA’s Bentsen and Norwood on SIFMA’s 2021 Municipal Priorities
Kenneth E. Bentsen, Jr., SIFMA president and chief executive officer, and Leslie Norwood, managing director, associate general counsel and head…
SIFMA Issues New MSRB Rule G-17 Model Risk Disclosure Documents for Additional Products
New York, NY, February 2, 2021 – SIFMA today announced it has made new additions to its set of G-17…
SIFMA Muni Month: Advocating for Change to Fund Our Nation’s Infrastructure
SIFMA has designated this February SIFMA Muni Month, during which we plan to meet with members of Congress and work…
SIFMA Issues Updated MSRB Rule G-17 Model Risk Disclosure Documents
New York, NY, January 13, 2021 – SIFMA today announced updates to its set of G-17 Model Risk Disclosure Documents…
Municipal Securities Markets Documents
Follow the links below to view the model documents and other resources in SIFMA’s Municipal Securities Markets Standard Forms and…
MSRB Input on Strategic Goals and Priorities
SIFMA provided comments to the MSRB regarding their request for input on its strategic goals and priorities. SIFMA welcomes this…
SIFMA Expects Long Term Municipal Issuance to Reach $452 Billion in 2021
New York, NY, December 22, 2020 – SIFMA today released the results its 2021 Municipal Issuance Survey. Respondents expect total…
US Municipal Issuance Survey 2021
Respondents to the 2021 SIFMA Municipal Issuance Survey expect total long-term municipal issuance to reach $452.0 billion in 2021, a…
SIFMA Files Suit Seeking to Vacate SEC’s Temporary Conditional Exemption for Municipal Advisors
Washington, D.C., August 14, 2020 – SIFMA today filed a suit seeking to vacate the Securities and Exchange Commission’s Order…
Joint Support of LOCAL Infrastructure Act
SIFMA and joint trades provided comments to the Honorable Mitch McConnell and the the Honorable Charles Schumer in strong support…
SIFMA Statement on American Infrastructure Bonds Act
Washington, D.C., July 8, 2020 – SIFMA today issued the following statement from SIFMA president and CEO Kenneth E. Bentsen,…
SEC Discussion on Temporary Conditional Exemptive Order for Municipal Advisor Activities
Securities and Exchange Commission Virtual Discussion – Temporary Conditional Exemptive Order for Municipal Advisor Activities Tuesday, July 7, 2020 Discussion…
SIFMA Statement on LOCAL Infrastructure Act
Washington, D.C., July 1, 2020 – SIFMA today issued the following statement from SIFMA president and CEO Kenneth E. Bentsen,…
H.R. 2 the Moving Forward Act
SIFMA provided comments to U.S. House of Representatives Speaker Pelosi and House Minority Leader McCarthy in strong support of H.R.…
SEC Discussion of Secondary Market Municipal Securities Disclosure Practices
Securities and Exchange Commission Spotlight on Transparency: A Discussion of Secondary Market Municipal Securities Disclosure Practices Tuesday, June 16, 2020…
Senate Banking Committee Hearing on the Implementation of Title IV of the CARES Act
Senate Committee on Banking, Housing, and Urban Affairs “Implementation of Title IV of the CARES Act” Tuesday, June 2, 2020…
SIFMA Updates MSRB Rule G-17 Model Disclosure Documents
New York, N.Y., May 13, 2020 — SIFMA today announced updates to its set of G-17 model disclosure documents and…
MSRB Request for Comment on Potential Changes to Board Governance Rule A-3
SIFMA provided comments to the Municipal Securities Rulemaking Board’s (MSRB) on proposed amendments to MSRB Rule A-3 governing membership on…
SIFMA Statement on the Municipal Bonds Emergency Relief Act
Washington, D.C., March 20, 2020 – SIFMA today issued the following statement from President and CEO Kenneth E. Bentsen, Jr.…
Follow Up Letter to SEC in Response to Proposed Exemptive Order
SIFMA provided comments to the SEC on December 9, 2019 in response to the Proposed Exemptive Order. Subsequent to such…
Paving the Way for Funding and Financing Infrastructure Investments
SIFMA submitted testimony to the House Committee on Ways and Means in the Hearing entitled “Paving the Way for Funding…
FIMSAC Recommendations on ’40 Act Limitations
SIFMA provided comments to the Securities and Exchange Commission to adopt the two recommendations of the Municipal Securities Transparency Subcommittee…
Proposed Exemptive Order Related to Muni Advisors
SIFMA provided comments in response to the SEC's Proposed Exemptive Order. The Proposed Exemptive Order would allow a registered municipal advisor,…
Proposed Rule Change to Amend & Restate MSRB Rule G-17
SIFMA provided comments to the Securities and Exchange Commission on Amendment No. 1 to Proposed Rule Change to Amend and…
Bond Buyer Podcast: SIFMA’s Bentsen and Norwood on SIFMA’s Muni Priorities, Policy and Regulations
Kenneth E. Bentsen, Jr., SIFMA president and chief executive officer, and Leslie Norwood, managing director, associate general counsel and head…
MSRB Proposed Rule Change to Amend and Restate the Application of Rule G-17
SIFMA provided input to the Securities and Exchange Commission on the Proposed Rule Change to Amend and Restate the Municipal…
The View from Washington: A Conversation with the MSRB
In this episode of “The View from Washington,” Municipal Securities Rulemaking Board (MSRB) President and chief executive officer Lynnette Kelly…
Request for Comment on MSRB Rule G-23 on Activities of Dealers Acting as Financial Advisors
SIFMA sent comments to the MSRB on Rule G-23 on Activities of Dealers Acting as Financial Advisors. In connection with…
MSRB Rule G-34 Obligation of Municipal Advisors to Apply for CUSIP Numbers When Advising on Competitive Sales
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) regarding MSRB Notice 2019-08: Request for Comment on MSRB Rule…
The Bond Buyer: How do we close the infrastructure gap? Restoring advance refunding is a start
The following Op-Ed was originally published in The Bond Buyer on May 17, 2019. America faces an extraordinary infrastructure deficit.…
Collection of Data Elements Provided in Electronic Format to the EMMA Dataport System in Connection With Primary Offerings
SIFMA provides comments to the U.S. Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board's Notice of Filing…
Interpretive Guidance on Application of MSRB Rules
SIFMA responded to MSRB Notice 2019-01 in which the MSRB is requesting comment on draft interpretive guidance on application of…
Reissuance for State and Local Bonds
SIFMA provides comments to the Internal Revenue Service (IRS) in response to request for comment on proposed regulations that address…
2012 Interpretive Notice Concerning the Application of MSRB Rule G-17 to Underwriters of Municipal Securities
SIFMA sent comments to the MSRB responding to Notice 2018-29 in which the MSRB seeks comment on draft amendments to…
Information on the Accessibility, Methodology and Utility of Indices, Yield Curves and Other Benchmarks
SIFMA sent comments to the Municipal Securities Rulemaking Board on MSRB Notice 2018-20, “Request for Information on the Accessibility, Methodology…
MSRB Draft Interpretive Guidance on Pennying and Draft Amendments to Existing Guidance on Best Execution
SIFMA responded with comments to Notice 2018-22 issued by the Municipal Securities Rulemaking Board in which the MSRB requested comment…
Interaction between the Volcker Rule and Municipal Tender Option Bonds (TOBs)
SIFMA provides comments to the Federal Reserve, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation…
Content Standards to Advertisements by Municipal Advisors under MSRB Rule G-40
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on the application of the content standards under MSRB Rule G-40…
Liquidity Coverage Ratio – Treatment of Certain Municipal Obligations as High-Quality Liquid Assets
SIFMA provided comments to the Federal Reserve, the OCC and the FDIC on their interim final rule providing Level 2B…
SIFMA Model Memorandum to Underwriter’s Counsel
SIFMA Model Memorandum to Underwriter’s Counsel for New Issues of Municipal Securities
Amendments to Primary Offering Rules
SIFMA provided comments to the MSRB on several potential amendments to MSRB Rule G-11 regarding syndicate practices, including requiring senior…
Draft FAQs on Use of Social Media in Advertising
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) on regulated entities and other stakeholders about draft answers to frequently…
Retrospective Review of 2012 Interpretive Notice Concerning the Application of MSRB Rule G-17 to Underwriters of Municipal Securities
SIFMA provided comments to the MSRB on existing interpretive guidance that addresses the application of the MSRB’s fair-dealing rule to underwriters…
Draft FAQ on Use of Municipal Advisory Client Lists and Case Studies
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) on draft guidance to support understanding of the application of…
Treatment of Municipal Securities under the Liquidity Coverage Ratio Rules
SIFMA, together with the Government Finance Officers Association (GFOA), National Association of State Treasurers, sent a letter to the Federal…
MSRB Request for Comment on Draft MSRB Rule G-36, on Discretionary Transactions in Customer Accounts, and Related Draft Amendments
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) in response to MSRB Notice 2018-09; request for comment on…
SIFMA To Offer Municipal MAAU Signature Page Storage Service
New York, NY, July 16, 2018 – SIFMA’s Municipal Securities Division announced today it will implement a new structure for…
Select Enhancements to Protect Retail Investors in Municipal and Corporate Bonds
SIFMA provided comments to the SEC on recommendations of the Market Structure Subcommittee of the SEC Investor Advisory Committee on…
The Bond Buyer Op-Ed: Rightsizing the Regulation of Infrastructure Debt
The following Op-Ed was originally published in The Bond Buyer on May 17, 2018. Congress appears poised to pass financial…
Draft FAQs Regarding Rule G-42 and the Making of Recommendations
The MSRB recently announced it is seeking public comment on its on a draft compliance resource about core requirements for…
Amendments to Rule G-21 and New Rule G-40
SIFMA provided comments to the Securities and Exchange Commission (SEC) on proposed new rule, MSRB Rule G-40, on advertising by…
MSRB Request for Comment on Compliance Support
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) in response to request for public comment on its approach…
Amended MSRB Rule G-34, on CUSIP Numbers, New Issue, and Market Information
SIFMA provided comments to the Securities and Exchange Commission (SEC) on MSRB Rule G-34, on CUSIP Numbers, New Issue, and Market…
MSRB Concept Release on Primary Offering Practices
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) on a recently released concept proposal to solicit input from market…
Getting Shovel-Ready: Opportunities for Infrastructure Finance
Leading a panel on The $1 Trillion Question at SIFMA’s Capital Markets Conference in Washington D.C, Chris Hamel, Head of…
MSRB Rule G- 34(a)(i) on the Use of CUSIPs
SIFMA provides comments to the Securities and Exchange Commission (SEC) regarding the recently proposed amendments to MSRB Rule G-34, on…
MSRB Form G-45 under Rule G-45, on Reporting of Information on Municipal Fund Securities; regarding 529 college savings plans and ABLE Programs
SIFMA provides comments to the Municipal Securities Rulemaking Board’s (MSRB) in response to the Request for Comment on Draft Amendments…
Proposed New MSRB Fee for Dealers Underwriting 529 Plans
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board’s (MSRB) rule filing SR-MSRB-2017-05, which…
US Municipal Credit Report, Second Quarter 2017
The municipal bond credit report is a quarterly report on the trends and statistics of U.S. municipal bond market, both…
Identifying Tax Regulatory Burdens Under Executive Order 13789
SIFMA's Municipal Securities Division provides comments to the Internal Revenue Service(IRS) on IRS Notice 2017-38, “Implementation of Executive Order 13789…
Proposed Rule Change to Amend MSRB Rule G-26, on Customer Account Transfers
SIFMA provided comments to the Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board's (MSRB) proposed rule filing…
US Municipal VRDO Update, June 2017
About the Report A brief historical stat sheet to the municipal ARS, FRN, and VRDO market ending June 2017. In…
Second Request Draft Amendments to and Clarifications of MSRB Rule G-34
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) second request for comment on draft amendments to and clarifications…
America’s Infrastructure: The Time to Build is Now
The case for making infrastructure a priority and the issues that may affect our ability to fix it. By Michael Decker A…
SIFMA Municipal Division Recognized by National Federation of Municipal Analysts
SIFMA Municipal Division Recognized by National Federation of Municipal Analysts Washington, D.C., May 17, 2017 – SIFMA today received an…
Proposed Amendments to Rule 15c2-12
The Securities and Exchange Commission has proposed rule amendments Rule 15c2-12 with the goal of improving investor protection and enhancing…
US Municipal Credit Report, First Quarter 2017
Long-term public municipal issuance volume totaled $86.5 billion in the first quarter of 2017, according to Thomson Reuters, a decline…
SIFMA Finalizes Muni Issue Price Model Documents
Release Date: May 1, 2017 Contact: Katrina Cavalli, 212.313.1181, [email protected] SIFMA Finalizes Muni Issue Price Model Documents New York, NY,…
Draft Amendments to and Clarifications of MSRB Rule G-34
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) on Rule G-34. The draft amendments to MSRB Rule G-34…
SIFMA Statement on Senate Passage of CRA Resolution on Municipal Retirement Plans
SIFMA Statement on Senate Passage of CRA Resolution on Municipal Retirement Plans Washington, DC, March 30, 2017 – SIFMA today…
MSRB Rule G-21 on Advertising
SIFMA and its members appreciate the MSRB’s efforts to update MSRB Rule G-21. We agree with the principles in the…
SIFMA Statement on ASCE 2017 Infrastructure Report Card
Washington, DC, March 9, 2017 – SIFMA today issued the following statement from Michael Decker, managing director and co-head of…
Amendments to the Minimum Denomination Rule
SIFMA provided comments to the Securities and Exchange Commission (SEC) on amendments the to minimum denomination rule. The Municipal Securities…
Draft Amendments to Modernize MSRB Rule G-26 on ACATS
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) on draft amendments to MSRB Rule G-26, on customer account…
US Municipal Issuance Survey 2017
Respondents to the 2017 SIFMA Municipal Issuance Survey expect total long-term municipal issuance to reach $417.5.0 billion in 2017, down…
US Municipal Credit Report, Fourth Quarter and Full Year 2016
Long-term public municipal issuance volume totaled $100.3 billion in the fourth quarter of 2016, according to Thomson Reuters, a decline…
Recommendations to Improve the EMMA Platform
SIFMA in a joint letter with other organizations provide comments to the Municipal Securities Rulemaking Board(MSRB) to offer suggestions that,…
US Municipal VRDO Update, December 2016
About the Report A brief historical stat sheet to the municipal ARS, FRN, and VRDO market ending December 2016. In…
The Impact on Municipal Securities from Basel Committee on Banking Supervision’s FRTB
The SIFMA Municipal Securities Division provides comments to Janet Yellen, Chair, Board of Governors of the Federal Reserve System on…
Regulatory Notice 2016-25 and Strategic Priorities
SIFMA provides comments the Municipal Securities Rulemaking Board (MRSB) on their Regulatory Notice 2016-25. This letter outlines initiatives and issue…
US Municipal Credit Report, Third Quarter 2016
Long-term public municipal issuance volume totaled $108.4 billion in the third quarter of 2016 according to Thomson Reuters, a decline…
Proposed Rule Change to MSRB Rules G-15 and G-30 to Require Disclosure of Mark-Ups and Mark-Downs to Retail Customers
SIFMA provides comments to the Securities and Exchange Commission (SEC) in response to Municipal Securities Rulemaking Board (MSRB) Filing with…
Amended SR-FINRA-2016-032 Markup Disclosure
SIFMA provides comments to the Securities and Exchange Commission (SEC) on a proposal which would amend FINRA Rule 2232 to…
US Municipal Credit Report, Second Quarter 2016
Long-term public municipal issuance volume totaled $119.0 billion in the second quarter of 2016 according to Thomson Reuters, an increase…
Amending Issuer CDAs
SIFMA and other associations provided comment to the U.S. Securities and Exchange Commission (SEC) on amending issuer continuing disclosure agreements…
FINRA and MSRB Proposed Rules
SIFMA submitted comment to the Securities and Exchange Commission (SEC) on the Financial Industry Regulatory Authority’s (FINRA) Rule Filing SR-FINRA-2016-024…
US Municipal VRDO Update, June 2016
About the Report A brief historical stat sheet to the municipal ARS, FRN, and VRDO market ending June 2016. In…
Proposed Rule Changes to MSRB Rule G-12 on Close-out Procedures for Failed Municipal Securities Transactions
SIFMA provides comments to the Securities and Exchange Commission (SEC) in response to the Municipal Securities Rulemaking Board (MSRB) proposal…
State Disclosure Review Highlights
SIFMA has conducted a thorough, 50-state review of laws and regulations that govern local government disclosure, issuance and audit practices…
SIFMA Believes States Best Positioned to Improve Muni Disclosure
Release Date: June 15, 2016 Contact: Katrina Cavalli, 212.313.1181, [email protected] SIFMA Believes States Best Positioned to Improve Muni Disclosure New…
SIFMA Urges SEC to Amend Muni Disclosure Rule & Issue Additional Guidance
Release Date: June 10, 2016 Contact: Katrina Cavalli, 212.313.1181, [email protected] SIFMA Urges SEC to Amend Muni Disclosure Rule & Issue…
Critical Updates to SEC Rule 15c2-12
SIFMA provided comments to Chair Mary Jo White of the U.S. Securities and Exchange Commission (SEC), requesting an amendment to…
Capital Markets in the U.S.
The database includes several downloadable data points for each state, including: Issuance for municipal, corporate and equity markets Top issuers…
MSRB Notice 2016-11
SIFMA provides comment to the Municipal Securities Rulemaking Board (MSRB) on a Concept Proposal to Improve Disclosure of Direct Purchases…
Clarifying Exceptions to Minimum Denomination Rule
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) regarding draft amendments to MSRB Rule G-15(f) on minimum denominations.…
Proposed Regulations Defining Political Subdivisions
SIFMA provides comments to the Internal Revenue Service (IRS) on proposed regulations defining political subdivisions. The Proposed Regulations provide guidance…
SIFMA Develops Model Documents for Compliance with New MSRB Rule G-42
Release Date: May 21, 2016 Contact: Katrina Cavalli, 212.313.1181, [email protected] SIFMA Develops Model Documents for Compliance with New MSRB Rule…
US Municipal Credit Report, First Quarter 2016
Long-term public municipal issuance volume totaled $96.5 billion in the first quarter of 2016 according to Thomso Reuters, an increase…
SIFMA Joins Infrastructure Week 2016
Infrastructure Week – May 16th-23rd, 2016 – is a week-long series of events raising awareness about how #InfrastructureMatters to our…
Financing Infrastructure: Why Public-Private Partnerships Matter
After decades of underinvestment, we face an extreme infrastructure deficit in the United States. In order to bring our infrastructure…
Rule 15c2-12 and Potential Updates to the Rule
SIFMA submitted a whitepaper to the Securities and Exchange Commission (SEC) on SEC Rule 15c2-12 Whitepaper to offer a current…
SIFMA Releases White Paper Recommending Improvements to Disclosure in the Municipal Securities Market
Release Date: April 12, 2016 Contact: Katrina Cavalli, 212.313.1181, [email protected] SIFMA Releases White Paper Recommending Improvements to Disclosure in the…
MSRB Rules G-12 and G-15
SIFMA provides comments to the Securities and Exchange Commission (SEC) on on MSRB Rules. Draft changes to MSRB Rules G-12,…
Leslie M. Norwood on HB 1295(1), Texas
Testimony of Leslie M. Norwood, Managing Director and Associate General Counsel, Municipal Securities Division at the Hearing on: HB 1295…
Regulatory Notice 2016-07 on Draft Interpretive Guidance on Prevailing Market Price
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on Regulatory Notice 2016-07, in which the MSRB requests comment…
HB 1295: A New Disclosure Reporting Process
SIFMA provides comments to the Texas Ethics Commission on HB 1295, a new law that became effective on January 1,…
Supporting FINRA Rule 0151
SIFMA provides comments to the Securities and Exchange Commission (SEC) on FINRA Rule 0151. SIFMA supports the adoption of Rule…
MSRB Rule G-12 on Close-Out Procedures
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on MSRB Rule G-12 on Close-Out Procedures. SIFMA supports rulemaking…
MSRB Proposed Changes to Rule A-3 on the Size and Composition of the MSRB Board
SIFMA provides comments to the Securities and Exchange Commission (SEC) expressing support of changes the Municipal Securities Rulemaking Board (MSRB)…
US Municipal Credit Report, Fourth Quarter and Full Year 2015
Long-term public municipal issuance volume totaled $76.4 billion in the fourth quarter of 2015 according to Thomson Reuters, a decline…
SIFMA Releases Electronic Bond Trading Platform Report For U.S. Corporate and Municipal Securities
Release Date: February 17, 2016 Contact: Katrina Cavalli, 212.313.1181, [email protected] SIFMA Releases Electronic Bond Trading Platform Report For U.S. Corporate…
Statement on HB 1295, Texas
Testimony of Leslie Norwood, Managing Director and Associate General Counsel, SIFMA before of the Texas Ethics Commission on HB 1295.…
US Municipal VRDO Update, December 2015
About the Report A brief historical stat sheet to the municipal ARS, FRN, and VRDO market ending December 2015. In…
US Municipal Issuance Survey 2016
Respondents to the 2016 SIFMA Municipal Issuance Survey expect total municipal issuance, both short- and long-term, to reach $431.5 billion…
FINRA Regulatory Notice 15-36 and MSRB Regulatory Notice 2015-16
SIFMA provides comments to the Financial Industry Regulatory Authority’s (FINRA’s) Regulatory Notice 15-36 and the Municipal Securities Rulemaking Board’s (MSRB’s)…
Draft Rule Amendments to Facilitate Shortening the Settlement Cycle
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on changes to MSRB rules to facilitate shortening the securities…
MSRB Rule G-42
SIFMA provides comments to the Securities and Exchange Commission (SEC) on amendment #2 to its proposed changes to MSRB Rule…
Regulatory Notice 2015-18 regarding Amendments
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on their Notice 2015-18, "Request for Comment on Draft Amendments…
US Municipal Credit Report, Third Quarter 2015
Long-term public municipal issuance volume totaled $86.0 billion in the third quarter of 2015 according to Thomson Reuters, a decline…
Q&A: Governor Hutchinson’s Infrastructure, Education, and Military Initiatives
By Governor Asa Hutchinson SIFMA’s 2015 Annual Meeting The Capital Markets Conference Speaker Perspective with Governor Asa Hutchinson 46th Governor of Arkansas…
Delay Effective Date of Best Execution Rule Proposal and Changes to SMMP
SIFMA provides comments to the Securities and Exchange Commission's (SEC) approval of the MSRB’s filing for a revised effective date…
MSRB Rule G-20
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board’s (MSRB) proposed amendments to…
Security-Based Swap CCO/Supervision Standards
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the internal business conduct standards for security-based swap dealers…
Re-proposed Issue Price Rules
SIFMA provided comments to the Internal Revenue Service (IRS) and their recently re-proposed rules related to establishing the issue price…
Increased MSRB Technology Fee
SIFMA provides comments to the U.S. Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board’s (MSRB) adjustment of…
MSRB’s Proposed Rule G-42
SIFMA provided comments to the Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board's (MSRB) proposed Rule G-42…
Academic Data Proposals
SIFMA provided comments to the Financial Industry Regulatory Authority (FINRA) and Municipal Securities Rulemaking Board (MSRB) on their academic data…
US Municipal Credit Report, Second Quarter 2015
Long-term public municipal issuance volume totaled $110.4 billion in the second quarter of 2015 according to Thomson Reuters, an increase…
Liquidity Coverage Ratio Rule
SIFMA provides comments to the Federal Reserve System on their proposed change to the Liquidity Coverage Ratio Rule to provide…
MSRB Rule A-3
SIFMA provides comments to MSRB on MSRB Notice 2015-08 on draft amendments and other issues related to MSRB Rule A-3…
Implementation of MSRB Rule G-45
SIFMA, College Savings Foundation (CSF), College Savings Plans Network (CSPN), Investment Company Institute (ICI) and Strategic Insights provide comments to…
US Municipal VRDO Update, June 2015
About the Report A brief historical stat sheet to the municipal ARS, FRN, and VRDO market ending June 2015. In…
MSRB Series 50 Examination
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the MSRB Series 50 Examination, File No. SR-MSRB-2015-04. See…
MSRB Proposed Rule G-42
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the Proposed Changes to MSRB Rule G-42, on Duties…
US Municipal Credit Report, First Quarter 2015
Long-term public municipal issuance volume totaled $103.8 billion in the first quarter of 2015 according to Thomson Reuters, an increase…
Rule G-14 RTRS Procedures
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board (MSRB) Proposed Changes to…
Revised SEC Rule 15c2-12
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the revised request for comment issued by the SEC…
Placement Agent Activities of Municipal Advisors
SIFMA provides its views in response to the letter to the U.S. Securities and Exchange Commission (SEC) from the National…
US Municipal Credit Report, Fourth Quarter and Full Year 2014
Long-term public municipal issuance volume totaled $99.3 billion in the fourth quarter of 2014 according to Thomson Reuters, an increase…
Matched Trade Proposals
SIFMA provides comments to the Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB) in regards to the FINRA Regulatory…
Rule 15c2-12, Municipal Securities Disclosure under the Securities Exchange Act of 1934
SIFMA provided comments to the Securities and Exchange Commission (SEC) in response to the SEC's request for comment on the…
US Municipal VRDO Update, December 2014
About the Report A brief historical stat sheet to the municipal ARS, FRN, and VRDO market ending December 2014. In…
Delay in the Compliance Date for Rule G-45
SIFMA and four other organizations wrote a joint letter to the Municipal Securities Rulemaking Board (MSRB) recommending MSRB give serious…
MSRB Request for Comment on Establishing Professional Qualification Requirements for Municipal Advisors
SIFMA provided comments to the Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board (MSRB) recently filed proposal…
Jefferson County, AL v. Andrew Bennett
SIFMA has submitted an Amicus "Friend of the Court" Brief. Court: U.S. Court of Appeals (Eleventh Circuit) (petition for permissive…
MSRB Rule G-20 relating to Gifts, Gratuities and Non-cash Compensation
SIFMA submitted comments to the Municipal Securities Rulemaking Board (MSRB) in response to MSRB's request for comments on draft amendments…
US Municipal Issuance Survey 2015
Respondents to the 2015 SIFMA Municipal Issuance Survey expect total municipal issuance, both short- and long-term, to reach $357.5 billion…
US Municipal Credit Report, Third Quarter 2014
Long-term public municipal issuance volume totaled $71.8 billion in the third quarter of 2014 according to Thomson Reuters, a decline…
MSRB Request for Input on Strategic Priorities
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) in response to MSRB's request for input on its strategic…
Basel III LCR Rule
SIFMA submitted supplemental comments to the Office of the Comptroller of the Currency, the Board of Governors of the Federal…
Draft Amendments to MSRB Rule G-37
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) on Regulatory Notice 2014-15, containing draft amendments to MSRB Rule…
MSRB Best Execution Rule Proposal and Changes to SMMP
SIFMA submitted comments on the Municipal Securities Rulemaking Board’s (MSRB) filing with the Securities and Exchange Commission (SEC) on notice…
MSRB Seeking Input on Potential Enhancements
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB), in which the MSRB requested comment on enhancements to the…
Revised Draft Proposal for MSRB Rule G-42 Regarding Duties of Non-Solicitor Municipal Advisors
SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) regarding a revised draft proposal for MSRB Rule G-42 (Re-Proposed…
MSRB Proposed New Rule G-44, Draft Amendments to MSRB Rules G-8 and G-9
SIFMA provided comments to the Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board's (MSRB) proposed rule on…
SIFMA Announces Changes to the SIFMA Municipal Swap Index
SIFMA Announces Changes to the SIFMA Municipal Swap Index New York, NY, August 18, 2014 - SIFMA today announced it has…
MSRB’s Proposed Changes to Continuing Education Requirements
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board (MSRB) filing with the…
US Municipal Credit Report, Second Quarter 2014
Long-term public municipal issuance volume totaled $83.4 billion in the second quarter of 2014 according to Thomson Reuters, an increase…
Structure of MCDC
SIFMA, the Government Finance Officers Association (GFOA), the National Association of Bond Lawyers (NABL), and the Bond Dealers of America (BDA)…
MSRB Proposed Amendments to Rule G-3, Rule G-7, and Rule G-27
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board’s (MSRB) filing of proposed…
Credit Risk Retention
SIFMA and sponsors of tender option bond (TOB) provide additional comments to the Office of the Comptroller of the Currency (OCC),…
US Municipal VRDO Update, June 2014
About the Report A brief historical stat sheet to the municipal VRDO market for the period from July 2009 to…
Tax-Exempt Bond Joint Venture Structure under the Volcker Rule
SIFMA letter advising the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Office…
New MSRB Rule A-11 Establishing Fees for Municipal Advisor Professionals
SIFMA provides comments to the Securities and Exchange Commission (SEC) on SR-MSRB-2014-03, Notice of Filing and Immediate Effectiveness of a Proposed Rule…
MSRB Proposal on Establishing Professional Qualification Requirements for Municipal Advisors
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on Regulatory Notice 2014-08 which contains a draft proposal for…
In re City of Detroit
SIFMA submitted an Amicus "Friend of the Court" Brief Court: U.S. Bankruptcy Court (E.D. Michigan) Amicus Issues: Whether the City…
Supervisory & Compliance Obligations of Municipal Advisors
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on MSRB's Request for Comment on Draft MSRB Rule G-44,…
US Municipal Credit Report, First Quarter 2014
Long-term public municipal issuance volume totaled $60.4 billion in the first quarter of 2014 according to Thomson Reuters, a decline…
MSRB’s Draft Best Execution Rule
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on the MSRB's draft Best Execution Rule, including exception for…
Single General Rule for Prices and Remuneration
SIFMA provides comments to the Securities and Exchange Commission (SEC) on proposed rule changes consisting of proposed changes to Municipal…
Draft SEC Strategic Plan for FY2014-FY2018
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the SEC's draft Strategic Plan: Fiscal Years 2014-2018. SIFMA…
Duties of Non-Solicitor Municipal Advisors
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on a draft proposal for MSRB Rule G-42 (Proposed Rule…
Opposing Lending Tax
SIFMA and other associations provide comments to the House Ways and Means Committee and the House Republican Leadership opposing a…
US Municipal Credit Report, Fourth Quarter and Full Year 2013
Long-term municipal issuance volume, including taxable and tax-exempt issuance, totaled $73.4 billion in the fourth quarter of 2013 according to…
Liquidity Coverage Ratios Relating to Munis
SIFMA provides comments to the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal…
MSRB Rule G-3
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on three proposed rule changes to MSRB Rule G-3 (MSRB…
US Municipal VRDO and FRN Update, December 2013
About the Report A brief historical stat sheet to the municipal VRDO market for the period from July 2009 to…
Requesting a Delay of Enforcement for the Municipal Advisor’s Rule
SIFMA provides comments to the Securities and Exchange Commission (SEC) requesting time-limited relief from enforcement of the portions of the…
Requesting an Extension of the SEC’s Municipal Advisor Rule for SEC-Registered Investment Advisers
The Asset Management Group of SIFMA (SIFMA AMG) and the Investment Adviser Association (IAA) provide comments to the Securities and…
US Municipal ARS Update, November 2013
About the Report A brief historical stat sheet to the municipal ARS market for the period from January 2001 to…
The Definition of Issue Price of Tax Exempt Bonds
SIFMA provides comments to the Internal Revenue Service (IRS) on proposed U.S. Treasury regulations relating to the definition of “issue price”…
US Municipal Issuance Survey 2014
Respondents to the 2014 SIFMA Municipal Issuance Survey expect total municipal issuance, both short- and long-term, to reach $349.5 billion…
US Municipal Bond Credit Report, 2013 Q3
Long-term municipal issuance volume, including taxable and tax-exempt issuance, totaled $68.0 billion in the third quarter of 2013 according to…
Time of Trade Disclosure, Suitability, & Sophisticated Municipal Market Professionals
SIFMA provides comments to the Securities and Exchange Commission (SEC) on proposed rule change consisting of proposed MSRB Rule G-47,…
The Role of Municipal Securities Brokers Brokers in the Municipal Markets
Municipal securities are debt obligations issued by cities, counties, states, and other non-federal governmental entities, which use the proceeds to…
Pre-Trade & Post-Trade Pricing Data Dissemination
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on the MSRB's Concept Release on pre-trade and post-trade pricing…
Credit Risk Retention
SIFMA and sponsors of tender option bond (TOB) programs provide comments to the Office of the Comptroller of the Currency…
Requiring Dealers to Adopt a Best Execution Standard
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) responding to the MSRB's request for comment on whether to…
Retail Order Periods
SIFMA provides contents to the Securities and Exchange Commission (SEC) on a proposed rule change to amend MSRB Rules G-8,…
Revised Fair-Pricing Rule G-30
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on Proposed Fair-Pricing Rule -MSRB Notice 2013-15. The proposal would…
Consolidating Registration Requirements
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on a proposed rule change to consolidate registration requirements, MSRB Notice…
Money Market Fund Reform and Amendments to Form PF
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the proposed new and amended rules and forms relating…
Proposal to Amend MSRB Rules G-8, G-11 & G-32
Securities Industry and Financial Markets Association (SIFMA) and Government Finance Officers Association’s (GFOA) Governmental Debt Management Committee provide comments to…
US Municipal Bond Credit Report, 2013 Q2
Long-term municipal issuance volume, including taxable and tax-exempt issuance, totaled $88.6 billion in the second quarter of 2013 according to…
‘Execution With Diligence’ Standard for Municipal Trading
SIFMA provides recommendations to the Municipal Securities Rulemaking Board (MSRB) for a proposed execution-with-diligence standard for municipal trading, following its…
Rules Requiring Underwriters to Submit 529 College Savings Plan Data to the MSRB
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the proposed rule changes filed by the Municipal Securities Rulemaking…
Rule Provisions Specifically Tailored for Retail Order Periods
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the proposed rule changes filed by the Municipal Securities…
The City of Detroit’s Outstanding Municipal Securities
SIFMA wrote a letter to the Governor of Michigan and the Michigan Department of Treasury regarding the treatment of Detroit’s…
US Municipal VRDO and FRN Update, June 2013
About the Report A brief historical stat sheet to the municipal VRDO market for the period from July 2009 to…
Sophisticated Municipal Market Professional Rules
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on proposed sophisticated municipal market professional rules, MSRB Notice 2013-10. SIFMA…
US Municipal Credit Report, 2013 Q1
Long-term municipal issuance volume, including taxable and tax-exempt issuance, totaled $81.3 billion in the first quarter of 2013 according to…
Revisions to MSRB Suitability Rule G-19
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on revisions to the MSRB Suitability Rule, G-19. SIFMA continues to…
New Central Transparency Platform
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on more contemporaneous trade price information through a new central transparency…
Codifying Time of Trade Disclosure Obligation
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on codifying time of trade disclosure obligation and Proposed Rule…
MSRB’s Review of Rules & Interpretive Guidance
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on the MSRB's initiative to review its rules and interpretive…
Underwriters Submitting Preliminary Official Statements to EMMA
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on the MSRB's Concept Proposal to require underwriters to submit…
US Municipal Credit Report, 2012 Q4 and Full Year
The municipal bond credit report is a quarterly report on the trends and statistics of U.S. municipal bond market, both…
US Municipal VRDO Update, December 2012
About the Report A brief historical stat sheet to the municipal VRDO market for the period from June 2009 to…
US Municipal Issuance Survey 2013
Respondents to the 2013 SIFMA Municipal Issuance Survey expect total municipal issuance, both short- and long-term, to reach $458.0 billion…
Underwriters Submitting 529 College Savings Plan Information
SIFMA provides comments to the Municipal Securities Rulemkaing Board (MSRB) on a revised draft rule requiring underwriters to submit 529 college…
Retail Order Periods
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on revised draft rule amendments and revised draft interpretive notice…
US Municipal Bond Credit Report, 3Q 2012
Long-term municipal issuance volume, including taxable and tax-exempt issuance, totaled $83.6 billion in the third quarter of 2012 according to…
BABs Sequestration
SIFMA and 17 other associations provide comments to the Office of Management and Budget (OMB) and the National Economic Council…
CVA Capital Requirements
SIFMA provides comments to the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the…
Treatment of Exposures to Public Sector Entities
SIFMA provides comments to the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the…
Treatment of Unrealized Gains & Losses on US Municipal Debt Securities
SIFMA provides comments to the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the…
Proposed Fee Increase for Municipal Issues
SIFMA, the Government Finance Officers Association (GFOA), and the National Association of Independent Public Finance Advisors (NAIPFA) provide comments to…
MSRB Proposal Regarding Large Trade Size Reporting
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the "Notice of Filing of Proposed Amendments to the Real-Time…
US Municipal VRDO Update, September 2012
About the Report A brief historical stat sheet to the municipal VRDO market for the period from June 2009 to…
Online Municipal Securities Transactions for Individual Investors
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on the MSRB's Concept Proposal (Proposal) to strengthen account opening and…
Bond Ballot Campaign Committee Contributions
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on draft amendments to Rule G-37 on political contributions and…
Collecting 529 College Savings Plan Data
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on a draft proposal to collect 529 college savings plan…
Timothy W. Cameron, Esq. on Eminent Domain Proposal, San Bernardino, CA
Statement of Timothy W. Cameron, Esq., Managing Director of the SIFMA Asset Managers Group, before the Joint Powers Authority (JPA) of San…
The Issue Price of Certain Bonds
SIFMA, the Bond Dealers of America, the Government Finance Officers Association, and the National Association of Bond Lawyers provide comments…
Bondholder Consents
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on an MSRB request for comment on a draft amendment…
US Municipal Bond Credit Report, 2012 Q2
Long-term municipal issuance volume, including taxable and tax-exempt issuance, totaled $113.1 billion in the second quarter of 2012 according to…
Third Party Payments and Potential Conflicts of Interest
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on a MSRB Concept Release to provide for public disclosure of…
Kenneth Gibbs on Municipal Finance
Statement of Kenneth D. Gibbs, President of the Municipal Securities Group, Jefferies & Co. Inc., on behalf of SIFMA, before…
US Municipal VRDO Update, June 2012
About the Report A brief historical stat sheet to the municipal VRDO market for the period from June 2009 to…
The Elimination of Large Trade Size Masking on Price Transparency Reports
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on the MSRB's request for comments on the elimination of…
US Municipal VRDO Historicals
About the Report A brief historical stat sheet to the municipal VRDO market for the period from January 2002 to June…
New Issue Information Submission Requirements for Underwriters
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on a proposal to streamline new issue information submission requirements…
The Highway Investment, Job Creation and Economic Growth Act
SIFMA, as part of a coalitions, provides comments to the U.S. Congress Conference Committee tasked with agreeing to provisions in…
The Application of MSRB Rule G-17 to Sophisticated Municipal Market Professionals
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the proposed rule changes filed by the Municipal Securities…
US Municipal Bond Credit Report, 2012 Q1
Long-term municipal issuance volume, including taxable and tax-exempt issuance, totaled $78.2 billion in the first quarter of 2012 according to…
The Importance of Tax-Exempt Bonds
SIFMA and 24 other associations provide comments to the U.S. Senate Finance Committee on the importance of tax-exempt bonds. The…
Proposed Rule Amendments and Interpretive Notice on Retail Order Periods
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) in response to the Request for Comment on Proposed Rule Amendments and…
US Municipal VRDO Update, March 2012
About the Report A brief update to the municipal VRDO market for the period ending March 31, 2012, in excel format…
Electronic Dissemination of 529 College Savings Plan Disclosure Documents
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on and MSRB Concept Proposal for Electronic Dissemination of 529…
Financial Literacy Among Investors
The Private Client Legal Committee of SIFMA provides comments to the Securities and Exchange Commission (SEC) on the SEC’s study…
Recommending Priorities for MSRB’s FY2013 Agenda
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) recommending priorities for the MSRB for their FY2013 agenda, MSRB…
GASB’s Preliminary Views Economic Condition Reporting
SIFMA provides comments to the Governmental Accounting Standards Board’s (GASB) on the GASB's Preliminary Views Economic Condition Reporting: Financial Projections (PV). While…
US Municipal VRDO Update, December 2011
March 08, 2012 Addition Differences between these numbers and what Bloomberg aggregates report: Report data does not include: commercial paper…
The Provisions of the Volcker Rule Relating to Municipal Securities
SIFMA provides comments to multiple federal regulators on proposed rulemaking to implement Section 619 of the Dodd-Frank Wall Street Reform…
Opposing the Establishment of a GASB Accounting Support Fee
SIFMA provides comments to the Securities and Exchange Commission (SEC) on a notice of filing of proposed rule change relating…
The SEC’s Order to Initiate Disapproval Proceedings for a MSRB Rule G-17 Rule Change
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the SEC's order instituting proceedings to determine whether to disapprove…
US Municipal Bond Credit Report, 2011 Q4
Long-term municipal issuance volume, including taxable and tax-exempt issuance, totaled $98.6 billion in the fourth quarter of 2011 according to…
The Definition of Issue Price
SIFMA provides comments to the U.S. Department of Treasury (Treasury) on regulatory guidance in development by Treasury and the Internal Revenue…
US Municipal Issuance Survey 2012
Respondents to the 2012 SIFMA Municipal Issuance Survey expect total municipal issuance, both short- and long-term, to reach $402.0 billion…
Restated Sophisticated Municipal Market Professional Notice
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on the MSRB's restated Sophisticated Municipal Market Professional (SMMP) notice, MSRB…
Proposed Amendments to MSRB G-17 Fair Dealing Interpretive Notice for Underwriters
SIFMA provides comments to the Securities and Exchange Commission (SEC) on proposed amendments to Municipal Securities Rulemaking Board (MSRB) G-17…
Facilitating Risk-Based Compliance Examinations
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board's (MSRB's) notice of filing…
In re Jefferson County, Alabama
SIFMA submitted an Amicus "Friend of the Court" Brief. Court: U.S. Bankruptcy Court (Northern District Alabama) Amicus Issue: Whether a…
Chapter 9 Case for Jefferson County, AL
SIFMA provides comments to the U.S. Bankruptcy Court, Southern District, in the Chapter 9 Case for Jefferson County, Alabama. SIFMA…
MSRB Rules G-8, G-9, G-18, and Draft Rule G-43
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on MSRB Draft Rule G-43 and associated amendments to Rules…
US Municipal Bond Credit Report, 2011 Q3
Long-term municipal issuance volume, including taxable and tax-exempt issuance, totaled $72.7 billion in the third quarter of 2011 according to…
Variable Rate Demand Obligations Update, September 2011
About the Report A brief update to the municipal VRDO market for the period ending September 30, 2011, in excel format…
Underwriters of Municipals Securities
SIFMA provides comments to the Securities Exchange Commission (SEC) on the Municipal Securities Rulemaking Board’s (MSRB) proposed rule change consisting of…
US Municipal TOB Update, June 2011
About the Report A brief update to the municipal TOB market for the period beginning January 1, 2009 to June…
Membership of the MSRB Board
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board’s (MSRB's) Notice of Filing…
Disclosure for Municipal Bond Sales in the Secondary Market
SIFMA provides comments to the Financial Industry Regulatory Authority (FINRA) on FINRA's request for comment on frequently asked questions (FAQs)…
Establishing an Interim Municipal Advisor Assessment & a Draft Municipal Advisor Survey
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on proposed Rule A-11(c) which would establishing an interim Municipal…
MSRB Proposal Regarding Municipal Advisor Assessments
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board’s (MSRB's) notice of filing of proposed…
Proposal to Collect Information on 529 College Savings Plans
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on a proposal to collect information on 529 College Savings Plans…
Proposal to Establish an Accounting Support Fee for the Annual Budget of the GASB
SIFMA provides comments to the Financial Industry Regulatory Authority (FINRA) on Regulatory Notice 11-28: Comments on Proposal to Amend Schedule…
The Effects of the Joint Agencies’ ABS Risk Retention Proposal on Municipal Programs
SIFMA provides comments to the Office of the Comptroller of the Currency (OCC), the Securities and Exchange Commission (SEC), the…
Bill Henderson on the State of the Municipal Securities Market
Testimony of Bill Henderson, Managing Director in Public Finance Investment Banking, Piper Jaffray, on behalf of SIFMA before the Securities…
US Municipal Bond Credit Report, 2011 Q2
According to Thomson Reuters, long-term municipal issuance volume, including taxable and tax-exempt issuance, totaled $68.2 billion in the second quarter…
Variable Rate Demand Obligations Update, June 2011
Variable rate demand obligations (VRDOs, also sometimes labeled VRDNs, variable rate demand notes, or VRDBs, variable rate demand bonds) are…
Rule G-23 – Activities of Financial Advisors
SIFMA submits comments to the Municipal Securities Rulemaking Board (MSRB) on amendments to Rule G-23 filed with the Securities and…
Supervision of Municipal Advisory Activities, Books and Records, and Preservation of Records
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on Supervision of Municipal Advisory Activities (Draft Rule G-44), Books and…
SIFMA on State and Local Pension Plans
SIFMA files this written testimony with the U.S. House Ways and Means Subcommittee on Oversight for the hearing, Improving Public Pension…
Second Comments on MSRB Draft Rule G-43 and Associated Amendments to Rules G-8, G-9, and G-18
SIFMA provides a second set of comment to the Municipal Securities Rulemaking Board (MSRB) on MSRB Draft Rule G-43 and…
MSRB Draft Rule G-43 and Associated Amendments to Rules G-8, G-9, and G-18
SIFMA submits the first of two comment letters to the Municipal Securities Rulemaking Board (MSRB) on MSRB Draft Rule G-43…
US Municipal Bond Credit Report, 2011 Q1
According to Thomson Reuters, long-term municipal issuance volume, including taxable and tax-exempt issuance, totaled $46.8 billion in the first quarter…
The Fiduciary of Municipal Advisors and the Application of MSRB G-17 to Municipal Advisors
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on draft MSRB Rule G-36 relating to the fiduciary duty…
Application of MSRB Rule G-17 to Underwriters of Municipal Securities
SIFMA provides comments to Municipal Securities Rulemaking Board (MSRB) on a draft interpretive notice concerning the application of MSRB Rule G-17…
Gifts & Gratuities Rule for Municipal Advisors
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on a proposal relating to gifts and gratuities rule for…
Rule G-23: Activities of Financial Advisors
SIFMA provides comments to the Securities and Exchange Commission (SEC) on proposed changes to Rule G-23: Activities of Financial Advisors,…
The Potential Interaction of MSRB and SEC Proposed Rules on a Pay-to-Play Regime
SIFMA provides comments to the Securities and Exchange Commission (SEC) to highlight a potential and serious collateral consequence of an…
Proposed Pay-to-Play Rule for Municipal Advisors
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on a proposed pay-to-play rule for municipal advisors, Proposed Rule G-42,…
Business Conduct Standards for Swap Dealers and Major Swap Participants, Particularly Special Entities
The Asset Management Group (AMG) of SIFMA provides comments to the Commodity Futures Trading Commission (CFTC) on proposed business conduct standards for swap…
Business Conduct Standards
SIFMA, the American Bankers Association, the American Benefits Council, the Committee on Investment of Employee Benefit Assets, The ERISA Industry…
Proposed Rules for End-User Exception to Mandatory Clearing of Swaps
SIFMA's Municipal Finance Products Committee provides comments to the Commodity Future Trading Commission (CFTC) and the Securities and Exchange Commission (SEC)…
Municipal Advisor Registration
SIFMA provides comments to the Securities and Exchange Commission (SEC) on a proposed rule that would establish a permanent registration…
Business Conduct Standards for Swap Dealers and Major Swap Participants
SIFMA and the International Swap Dealers Association (ISDA) provide comments to the Commodity Futures Trading Commission (CFTC) on business conduct…
US Municipal Bond Credit Report, 2010 Q4 and Full Year
According to Thomson Reuters, long-term municipal issuance volume, including taxable and tax-exempt issuance, totaled $132.3 billion in the fourth quarter…
Proposed Amendments to the Investment Adviser Pay-to-Play Rules
SIFMA provides comments to the Securities and Exchange Commission (SEC) on proposed amendments to rule 206(4)(5), the Investment Adviser Pay-to-Play rules which…
Build America Bonds Fact Sheet, Q4 and Full Year 2010
Build America Bonds Build America Bonds (BABs) are taxable municipal bonds that were authorized under the American Recovery and Reinvestment…
US Municipal Issuance Survey 2011
Respondents to the 2011 SIFMA Municipal Issuance Survey expected total municipal issuance, combining both taxable and tax-exempt debt in aggregate,…
Leslie Norwood on the Municipal Securities Market
The Securities and Exchange Commission (SEC) held its second field hearing to examine the municipal securities markets at its Headquarters in Washington,…
Proposed Amendments to MSRB Rule A-13
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board's (MRSB) proposed amendments to MSRB Rule A-13,…
Registration of Municipal Advisors
SIFMA provides comments to the Securities and Exchange Commission (SEC) on recent temporary interim rules on registration of municipal advisors. SIFMA recommends…
Proposed Regulations on Asset Backed Securities
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the SEC's proposed regulations on asset backed securities, S7-24-10…
Draft Interpretive Guidance on Municipal Securities Broker’s Brokers
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on draft interpretive guidance on municipal securities broker's brokers (MSBBs),…
Issuer Review of Assets in Offerings of Asset-Backed Securities
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the proposed rule relating to Issuer Review of Assets…
The MSRB’s Proposed Fee Increases
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board's (MSRB) proposed fee increases,…
US Municipal Bond Credit Report, 2010 Q3
According to Thomson Reuters, long-term municipal issuance volume, including both taxable and tax-exempt issuance, totaled $93.4 billion in the third…
Dealer-Affiliated Political Action Committees
SIFMA provides comments Municipal Securities Rulemaking Board (MSRB) on dealer-affiliated Political Action Committees (PACs), Notice 2010-30. In September 2009, the MSRB sought comments on whether…
US Municipal VRDO Update, 2010 Q2
Variable rate demand obligations (VRDO) are long-term debt instruments typically sold by municipalities. The rates on VRDOs are set at…
US Municipal BABs Fact Sheet, 2010 Q3
Build America Bonds Build America Bonds (BABs) are taxable municipal bonds that were authorized under the American Recovery and Reinvestment…
The Underwriting Activities of Financial Advisers
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on Rule G-23, the underwriting activities of financial advisers, MSRB…
MSRB Rule A-3 Changes
SIFMA provides comments to the Securities and Exchange Commission (SEC) on matters related to the Municipal Securities Rulemaking Board's (Board) notice of Rule…
US Municipal Bond Credit Report, 2010 Q2
According to Thomson Reuters, long-term municipal issuance volume, including both taxable and tax-exempt issuance, totaled $100.2 billion in the second…
US Municipal ARS Update, July 2010
Auction rate securities (ARS) are long-term debt instruments typically sold by municipalities (municipal ARS) and by closed-end mutual funds as…
The Dodd-Frank Act Provision Regarding GASB Funding
SIFMA provides comments to the Securities and Exchange Commission (SEC) on the Dodd-Frank Act provision regarding Governmental Accounting Standards Board…
Guidelines for Tax-Exempt Bonds and Build America Bonds
SIFMA, the Government Finance Officers Association (GFOA), the National Association of Bond Lawyers (NABL), and the Regional Bond Dealers Association…
US Municipal BABs Fact Sheet, 2010 Q2
Build America Bonds Build America Bonds (BABs) are taxable municipal bonds that were authorized under the American Recovery and Reinvestment…
Prevailing Market Prices and Mark-Ups for Transactions in Municipal Securities
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) responding to a draft interpretive guidance on prevailing market prices…
US Municipal Bond Credit Report, 2010 Q1
According to Thomson Reuters, long-term municipal issuance volume, including both taxable and tax-exempt issuance, totalled $103.7 billion in the first…
Increasing Transparency for Auction Rate Securities & Variable Rate Demand Obligations
SIFMA provides comments to the Securities and Exchange Commission (SEC) regarding a proposed rule change by the Municipal Securities Rulemaking Board…
US Municipal BABs Fact Sheet, 2010 Q1
Build America Bonds Build America Bonds (BABs) are taxable municipal bonds that were authorized under the American Recovery and Reinvestment…
Tax Credit Bonds
SIFMA provides comments to the U.S. House of Representatives in support of the House Amendment to Section 301 of the…
The Qualified School Construction Bond Program
SIFMA provides comments to the U.S. Senate Regarding the Qualified School Construction Bond (QSCB) program. SIFMA argues that direct-pay QSCBs…
US Municipal Bond Credit Report, 2009 Q4
According to Thomson Reuters, long-term municipal issuance volume (including both taxable and tax-exempt issuance) totaled $410.2 billion in 2009, a…
US Build America Bonds, 2009
About the Report A quarterly fact sheet on Build America Bonds, taxable municipal bonds authorized under the American Recovery and…
US Municipal Issuance Survey 2010
Respondents to the SIFMA 2010 Municipal Issuance Survey1 forecast total municipal issuance, combining both taxable and tax-exempt in aggregate, will…
US Municipal Bond Credit Report, 2009 Q3
The U.S. financial markets continued to improve in the third quarter of 2009. The economy recorded quarterly growth of 3.5…
Proposed Rules to Change to Political Contributions by Certain Investment Advisers
SIFMA provides comments to the Securities and Exchange Commission (SEC) on a proposed rules which are intended to eliminate pay-to-play…
US Municipal Bond Credit Report, 2009 Q2
The U.S. financial markets improved in the second quarter with many market observers anticipating an economic recovery later this year.…
New Issue Syndicate Practices, Books and Records, Preservation of Records
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on proposed amendments to Rule G-11 on new issue syndicate practices,…
Proposed Amendments Relating to Municipal Securities Disclosure
SIFMA provides comments to the Securities and Exchange Commission (SEC) on proposed amendments to Rule 15c2-12 under the Securities Exchange…
Transparency of Municipal Auction Rate Securities and Variable Rate Demand Obligations
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on transparency of municipal auction rate securities (ARS) and variable rate…
Interpretive Guidance on Disclosure and Other Sales Practice Obligations
SIFMA provides comments to the Securities and Exchange Commission (SEC) regarding a notice of filing with the SEC of a…
Primary Market Disclosure and Primary Market Subscription Services
SIFMA provides comments to the Securities and Exchange Commission (SEC) regarding a notice of filing with the SEC of a…
MSRB Proposal for Voluntary Submissions by Issuers and their Designated Agents
SIFMA provides comments to the Securities and Exchange Commission (SEC) on proposed rule changes by the Municipal Securities Rulemaking Board (MSRB)…
Rule Changes Relating to Contributions to Bond Ballot Campaign Committees
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on a proposed MSRB Rule G-37 changes on political contributions…
Build America Bond Factsheet
SIFMA’s Fact Sheet on Build America Bonds (BABs). Build America Bonds (BABs) are new taxable municipal bonds that were authorized…
Settlement of Syndicate Accounts and Secondary Market Trading Accounts
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) in regard to MSRB Notice 2009-20, in which the MSRB requests…
Bernard Beal Before House Committee on Financial Services
Written Testimony of Bernard Beal, Chief Executive Officer, President M.R. Beal & Company, Vice Chair, Securities Industry and Financial Markets…
Implementing an Electronic System for Free Public Access to Primary Disclosure Documents
SIFMA provides comments to the Securities and Exchange Commission (SEC) on a proposed rule change by the Municipal Securities Rulemaking Board…
US Municipal Bond Credit Report, 2009 Q1
The U.S. financial markets continued to struggle in the first quarter due to a slowing economy, nearly frozen credit markets…
Consideration of Muni Lending Facility
Members of HFSC Send Letter to Fed and Treasury Urging Consideration of Muni Lending Facility
SIFMA to Terminate Auction Rate Securities Indices
New York, NY, March 12, 2009-The Securities Industry and Financial Markets Association (SIFMA) today announced that it will wind down…
Requesting Further Action to Help Restore Liquidity and Functioning in Municipal and Auction Securities Markets
SIFMA Letter to Federal Reserve Chairman Bernanke requesting further action to help restore liquidity and functioning in the municipal and…
Requesting Action to Help Restore Liquidity and Functioning in Municipal and Auction Securities Markets
SIFMA Letter to Treasury Secretary Geithner requesting action to help restore liquidity and functioning in the municipal and auction securities…
US Municipal Bond Credit Report, 2008 Q4
The U.S. financial markets continued to struggle in the fourth quarter with a slowing economy, nearly frozen credit markets and…
Letter of Support for S.138
SIFMA sends letter of support for S.138
Urging Inclusion of AMT Exemption for PABs in the Economic Stimulus Package
SIFMA sends letter to Senate leadership urging inclusion of AMT exemption for PABs in the economic stimulus package
Letter of Support for H.R.425
SIFMA sends letter of support for H.R.425
Urging Inclusion of AMT Exemption for PABs in the Economic Stimulus Package
SIFMA sends letter to House leadership urging inclusion of AMT exemption for PABs in the economic stimulus package
Stimulus Package Considered by Congress
SIFMA provides comments to Members of the U.S. House of Representatives on the stimulus package considered by Congress including a…
Private Activity Bonds and AMT
SIFMA provides comments to Congressmen Richard Neal and Paul Ryan, both members of the U.S. House Committee on Ways and…
Proposal Relating to the MSRB SHORT System
SIFMA provides comments to the Securities and Exchange Commission (SEC) on a proposal relating to the Municipal Securities Rulemaking Board (MSRB)…
The Municipal Bond Market Support Act
SIFMA provides comments to the Chairmen of U.S House of Representatives Financial Services and Ways and Means Committees on the Municipal Bond…
The Municipal Bond Market Support Act
SIFMA provides comments to Senators Jeff Bingaman (D-N.M.) and Mike Crapo (R-Idaho), who are members of the U.S. Senate Finance Committee, on the Municipal…
US Municipal Credit Report 2008 Q3
All U.S. financial markets struggled in the third quarter of 2008 with a slowing economy, nearly frozen credit markets and…
Proposed MSRB Rule Establishing a Continuing Disclosure Service
SIFMA provides comments to the Securities and Exchange Commission (SEC) on a proposed Municipal Securities Rulemaking Board (MSRB) rule change…
Proposed Amendments to Rule 15c2-12 Related to Municipal Securities Disclosure
SIFMA provides comments to the Securities and Exchange Commission (SEC) on proposed amendments to Rule 15c2-12 from the Securities Exchange…
Leslie Norwood on the Auction Rate Securities Market
Testimony of Leslie Norwood, SIFMA managing director and associate general counsel before the House Financial Services Committee hearing on the…
The Housing and Economic Recovery Act of 2008
SIFMA provides comments to the U.S. Senate Majority and Minority Leaders supporting passage of the Housing and Economic Recovery Act…
Mortgage Loans Held in REMICs
SIFMA provides comments to the Internal Revenue Service (IRS) on 9 of Revenue Procedure 2008-28 describing when mortgage loans in…
Municipal Variable Rate Demand Obligations
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on an MSRB proposal to create a centralized system for the collection…
Proposal to Require Trade Reporting for Proprietary Desk Transactions
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on a proposal for proprietary desk transactions to be reported to the…
Information Available for Municipal Auction Rate Securities
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on a plan for increasing information available for municipal auction rate…
Assignment of Global Ratings to Tax-Exempt Municipal Obligations
SIFMA's Municipal Division provides comments to Moody's Investors Service on Moody's request for comment, Assignment of Global Ratings to Tax-Exempt Municipal Obligations. …
US Municipal Credit Report 2007 Q4
Municipal Bond Credit Report The municipal bond environment has been beset by a number of challenges and pressures during the…
Rule G-8, Books & Records, Rule G-9, Preservation of Records, & Rule G-34, CUSIP Numbers and New Issue Requirements, to Improve Transaction Reporting of New Issues
SIFMA provides comments to the Securities and Exchange Commission (SEC) on proposed changes to Rule G-8, Books and Records, Rule G-9,…
Federal Home Loan Banks to Provide Credit Enhancement to Tax-Exempt Municipal Bonds
SIFMA provides comments to the Chairman and Ranking Member of the US House Ways and Means Committee urging the inclusion…
The Treasury’s 2007 – 2008 Priority Guidance Plan
SIFMA provides comments to U.S. Department Treasury on Treasury's 2007 – 2008 Priority Guidance Plan proposed regulations on arbitrage restrictions under Internal…
Plans to Establish an Electronic Access System for Continuing Disclosure
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on plans to establish an electronic access system for continuing…
Proposed Changes to the Reissuance Rules for Tax-Exempt Securities
SIFMA provides comments to the U.S. Department of Treasury on proposed changes to the reissuance rules for tax-exempt securities. SIFMA presents…
Proposed Changes to the Mortgage Revenue Bond Program
SIFMA provides comments to the U.S. Department of Treasury on proposed changes to the Mortgage Revenue Bond program. The Administration…
Establishing an Electronic Access System for Official Statements
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on draft rule changes to establish an electronic access system for official…
US Municipal Credit Report 2007 Q3
About the Report The municipal bond credit report is a quarterly report on the trends and statistics of U.S. municipal…
Rules Relating to Supervision, Books and Records and the Preservation of Records
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on MSRB Rule G-27 supervision, MSRB Rule G-8 on books and records, and MSRB…
New Issue Municipal Securities Trade Reporting
SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on a request for extension of 3-hour exception for new issue municipal securities…
US Municipal Credit Report 2007 Q1
About the Report The municipal bond credit report is a quarterly report on the trends and statistics of U.S. municipal…
Michael Decker Before the House Subcommittee on Domestic Policy, Committee on Oversight and Government Reform
Statement of Michael Decker, Senior Managing Director, Research and Public Policy, SIFMA Before the Subcommittee on Domestic Policy, Committee on…
SIFMA Before House Subcommittee on Highways and Transit at Hearing on Public-Private Partnerships
SIFMA statement before the House Committee on Transportation and Infrastructure’s Subcommittee on Highways and Transit for the hearing: Public-Private Partnerships…
A Comprehensive Evaluation of the Comparative Cost of Negotiated and Competitive Methods of Municipal Bond Issuance
This study performs the first comprehensive analysis of the comparative interest costs of negotiated and competitive municipal bond issuance. In…
Disclosure of Contributions by Business Entities
SIFMA provides comments to New Jersey Election Law Enforcement Commission (ELEC) on proposed new rules relating to the disclosure of contributions…
The Audit of Student Loan Lender Nelnet
The Bond Market Association (TBMA)* provides comments to the U.S. Department of Education on the findings of the Department's inspector…
Amendments to Rule G-21
The Securities Industry Association (SIA)* provides comments to Municipal Securities Rulemaking Board (MSRB) on amendments to MSRB Rule G-2, Notice 2006-26. …
The Official Statement Dissemination for New Issue Municipal Securities
The Securities Industry Association (SIA)* provides comments to the Municipal Securities Rulemaking Board (MSRB) on the application of the Access Equals Delivery Standard…
Application of Access Equals Delivery Standard to Official Statement Dissemination
The Bond Market Association (TBMA)* provides comments to the Municipal Securities Rulemaking Board (MSRB) on the application of access equals delivery…
Draft Procedures for Reporting Special Condition Indicators
The Bond Market Association (TBMA) provides comments to the Municipal Securities Rulemaking Board (MSRB) on draft procedures for reporting special condition indicators for certain…
Proposed Amendments Made to Higher Education Laws
The Bond Market Association (TBMA) provides comments to the U.S. Department of Education (Department) on interim final regulation released by the Department…
Accounting and Financial Reporting for Derivatives
The Municipal Financial Products Committee of The Bond Market Association (TBMA)* and the International Swaps and Derivatives Association (ISDA) form…
Testimony Before the U.S. House of Representatives, at Hearing on Tax-Preferred Bonds
Testimony of Micah S. Green, President, The Bond Market Association, Before the U.S. House of Representatives, at Hearing on Tax-Preferred…
Underwriting Activities of Financial Advisors
The Bond Market Association (TBMA)* provides comments to the Municipal Securities Rulemaking Board (MSRB) on underwriting activities of financial advisors (Rule…
The Definition of Solicitation
The Bond Market Association (TBMA)* provides comments to the Securities and Exchange Commission (SEC) on a proposed interpretation of the definition of…
The Marketing of 529 College Savings Plans
The Securities Industry Association (SIA)* provides comments to the Municipal Securities Rulemaking Board (MSRB) on their draft interpretation on customer protection obligations…
Solicitations of Municipal Securities Business
The Bond Market Association (TBMA)* provides comment to the Securities and Exchange Commission (SEC) on a proposal rule change relating to…
Contributions to Political Party Committees and Political Action Committees
The Securities Industry Association (SIA)* provides comments to the Municipal Securities Rulemaking Board (MSRB) on proposed "Questions and Answers" (Q&As) for the…
Clarification of Rule G-37
The Bond Market Association (TBMA)* provides comments to the Municipal Securities Rulemaking Board (MSRB) on a proposed amendment and interpretations of…
Point of Sale Disclosure Requirements
The Securities Industry Association (SIA)* provides comments to the Securities and Exchange Commission (SEC) on confirmation requirements and point of sale disclosure requirements…
Notice of Implementation Plan for Real-Time Trade Reporting
The Bond Market Association (BMA) provides comments to the Municipal Securities Rulemaking Board (MSRB) regarding real time trade reporting and the related…
Draft Guidance on Dealer Responsibilities
The Bond Market Association (TBMA)* provides supplemental comments to the Municipal Securities Rulemaking Board (MSRB) on Draft Interpretive Guidance on Dealer…
Certain Practices for Debt Securities other than Municipal Securities
The Federal Regulation and Self-Regulation Committees of the Securities Industry Association (SIA)* provide comments to the Securities and Exchange Commission…