SEC approves MSRB rule changes despite SIFMA concerns

The Securities and Exchange Commission approved rule changes proposed by the Municipal Securities Rulemaking Board on primary offering practices and disclosures as well as on books and records, despite concerns raised by SIFMA. "SIFMA supports the proposed rule changes to the extent they would protect dealers that follow issuers' instructions and require timely notice of retail order period terms and conditions to all syndicate and selling group members, as well as to investors through the MSRB's ... EMMA" system, said David Cohen, managing director of SIFMA. However, he said that if a recently announced policy on applying economic analysis to proposed rules were in place, then "perhaps the MSRB and the SEC would have had to give greater consideration to SIFMA's less costly compliance alternative." Read SIFMA's letter to the SEC.

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