Found inside – Page 2156112–476 ) , 6670 [ 11MY ] SEC Exemption of Inter - Affiliate Swaps From Certain Regulatory Requirements Put in Place ... clarify Wall Street Reform and Consumer Protection Act provisions relative to regulation of municipal advisors ... Comment Letter to the Securities and Exchange Commission (SEC) on its Proposed Exemptive Order for Registered Municipal Advisors December 9, 2019 In granting the exemption, the SEC highlighted that municipal issuers and obligated persons (referred to herein as “issuers”) are experiencing financial stress related to COVID-19 and that issuers’ ability to access capital markets in a timely and efficient manner may be hindered by disruptions in the primary municipal securities market and by the ineligibility of smaller municipal issuers to access the Federal Reserve Board’s Municipal Liquidity Facility, which provides lending support to larger, highly rated municipal issuers. Found inside – Page 124QUESTION REGARDING COSTLY SEC OVERREACH IN IMPLEMENTATION OF DODD - FRANK ENGINEERING EXEMPTION FROM THE MUNICIPAL ADVISOR DEFINITION Oversight & Investigation Sub - Committee Hearing 3/30/11 Congressman Michael Grimm The implementation ... Tuesday, July 7, 2020. ��y*Uq��� r١A0�jQ4 $~���� ��g @�OSQ*}�e��
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Found inside – Page 62cumbersome requirements and it would obviate the need for fund groups such as ours to seek individual SEC exemptive orders . ... Funds and their advisors expend substantial human and financial resources in complying with duplicative ... Found inside – Page 139Several studies are required , including whether to repeal the “ Tower Amendment , " which prohibits the SEC and the MSRB from requiring municipal issuers to file disclosure documents . . Oversight of Municipal Advisors The bill ... ORDER UNDER SECTION 15B, SECTION 17A AND SECTION 36 OF THE ... municipal securities dealers, or municipal advisors from any provision of Section 15B or ... not … The Law Library presents the complete text of the Lost Securityholders and Unresponsive Payees (US Securities and Exchange Commission Regulation) (SEC) (2018 Edition). On October 7, 2020, the Securities and Exchange Commission (the “Commission”) released a Notice of Proposed Exemptive Order (“Notice”) that would create a conditional exemption from the broker registration requirements for certain activities of Finders (the “Proposal”). The U.S. Securities and Exchange Commission seeks comment on proposed exemption from broker registration for certain activities by municipal advisors… Found inside – Page 206filing with the SEC ; 37 or is subject to a United States Postal Service false representation order within 5 years ... dealer , municipal securities dealer , or investment advisor ; 41 is subject to an injunction or restraining order ... DSM BNY Mellon Strategic Municipal Bond Fund Inc Proxy Statement (definitive) (def 14a) On October 2, 2019, the SEC published a request for comment on a proposed exemptive order. Found inside – Page 2LISTING , DELISTING AND UNLISTED TRADING ACTIONS DELISTINGS GRANTED Orders have been issued granting the ... that would require a municipal securities professional acting as a financial advisor to an issuer of municipal securities to ... On October 7, the U.S. Securities and Exchange Commission (Commission or SEC) released for notice and comment a proposed exemptive order (Notice) 1 that would grant conditional exemption from the broker-dealer registration requirements of Section 15 (a) of the Securities Exchange Act of 1934 (Exchange Act) for certain activities of “finders.”. You may submit a request for copies of Division of Corporation Finance no-action, interpretive and exemptive letters issued before that date. Introduction. CFTC Letter 18-03 extends the relief granted by CFTC Letters 16-85 and 16-86, which provide no-action relief to (i) certain non-U.S. derivatives clearing organizations that operate pursuant to exemptive or no-action relief granted by the CFTC (referred to as "Relief DCOs") and … A B C D E F G H I J K L M N O P Q R S T U V W X Y Z. The Proposed Exemptive Order would allow municipal securities to be placed by municipal advisors with a broad class of purchasers, including non-bank entities, without … Municipal securities fall into two categories: 1) municipal bonds issued by states, cities, counties and other governmental entities to raise money to build roads, schools and a host of other projects for the public good; and 2) municipal fund securities. 34-87204) that would permit a registered municipal … 21. On June 16, the SEC issued a temporary exemptive order, allowing registered municipal advisors to solicit banks, their wholly-owned commercial lenders and … On June 16, 2020, the Securities and Exchange Commission issued an Exemptive Order in Release 34-89074 to temporarily permit registered municipal advisors (MAs) to … The amended Rule provides the SEC, upon written application or upon its own motion, authority to exempt persons, securities or transactions from the amended Rule, to the extent the exemption is necessary or appropriate in the public interest and is consistent with the protection of investors. The term “bank” means (A) a banking institution organized under the laws of the United States or a Federal savings association, as defined in section 1462(5) of title 12, (B) a member bank of the Federal Reserve System, (C) any other banking institution or savings association, as defined in section 1462(4) of title 12, whether incorporated or not, doing business under the laws of any State or of the United States, a substantial portion of the business of which consists of receiving deposits or exercising fiduciary powers similar to those permitted to national banks under the authority of the Comptroller of the Currency pursuant to section 92a of title 12, and which is supervised and examined by State or Federal authority having supervision over banks or savings associations, and which is not operated for the purpose of evading the provisions of this chapter, and (D) a receiver, conservator, or other liquidating agent of any institution or firm included in clauses (A), (B), or (C) of this paragraph. For example, on October 2, 2019, the SEC issued a proposed exemptive order that would municipal advisors to participate in the direct placement of municipal … The broker-dealer group asserts that the SEC’s pandemic-related temporary relief for municipal advisers regarding direct placements of smaller municipal issuers’ securities puts broker-dealers at a competitive disadvantage.. SIFMA says SEC is on 'wrong path' with advisor exemptive order By Kyle Glazier December 05, 2019, 12:06 p.m. EST 2 Min Read The Securities and Exchange Commission is … For example, on October 2, 2019, the SEC issued a proposed exemptive order that would municipal advisors to participate in the direct placement of municipal securities, without being registered as a broker or a dealer, under the Exchange Act. SEC Proposed Exemptive Order on Municipal Advisors Acting As Placement Agents; S. 1236, the Municipal Securities Rulemaking Board Reform Act of 2019; H.R. A direct placement is defined as a direct purchase from an issuer of municipal securities (as defined in the Exchange Act) by one or more Qualified Providers. DMB BNY Mellon Municipal Bond Infrastructure Fund Inc Annual Report for Registered Investment Companies (n-cen) schemaVersion: X0303 The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. On October 7, 2020, the Securities and Exchange Commission (SEC) approved a Notice of Proposed Exemptive Order (Notice) that would grant exemptive relief to permit natural persons to engage in limited activities (Finders) on behalf of issuers, without registering as brokers under Section 15 of the Securities Exchange Act of 1934 (Exchange Act). U.S. Securities and Exchange Commission Found inside – Page 554In FY 2013 , the Commission adopted final rules for municipal advisor registration . ... Proposed Rule Changes Reviewed SEC Rulemaking and Interpretive Actions Interpretive , Exemptive , and No - Action Request Letters Closed Reviews of ... 34-87204, Notice of Proposed Exemptive Order Granting a Conditional Exemption from the Broker Registration Requirements of Section 15(a) of the Securities Exchange Act of 1934 for Certain Activities of Registered Municipal Advisors. Found inside – Page 5-3In response, the SEC has: • Issued a temporary conditional exemptive order that provides, subject to certain conditions, affected municipal advisors with an additional 45 days to file annual updates to Form MA that would have been due ... SEC Exemptive Order re Municipal Advisors This Hawkins Advisory describes the SEC’s exemptive order of June 16, 2020, which provides a temporary exemption from registration as a broker for registered municipal advisors, subject to satisfaction of certain conditions. § 78o). Found inside – Page 177... 34579 Commission Procedures for Filing Applications for PROPOSED RULES Orders for Exemptive Relief , 43890 Acceptance ... 6110 Extension of Temporary Registration of Municipal Disclosure of Payments by Resource Extraction Advisors ... On Oct. 2, 2019, the SEC proposed an exemptive order under Section 15(a)(2) of the Exchange Act (Release No. Form ADV and Form ADV Part 1A Reports. The temporary exemptive order did address certain public concerns, but others remained unaddressed. The webcast program will be held from 2 p.m. to 3 p.m. hތ�Qk�0��J�!I�4F��]��"Z�(>d5����6l��/M����Ҕ�{����Q 0b�% ��!���T�WG��)@�Un��*���_���VqSSY��8Z�8��EI}l��8v�I��ʺ" to grant permanent conditional exemptive relief to permit a registered municipal advisor, acting on behalf of an issuer client, to solicit specified institutional investors in connection with the direct placement of Found inside – Page 285In the Matter of Heartland Advisors , Inc. , William J. Nasgovitz , Paul T. Beste , Thomas J. Conlin , Greg . ... with respect to Bauer ) ( fund IA and certain officers misvalued certain securities in municipal bond funds ) BDC Cases 6. By Mark S. Nelson, J.D.. Found insideSEC no-action, interpretive 27 found on the SEC website at and exemptive letters can be www.sec.gov/interps/noaction.shtml. ... including investment advisers, mutual funds, exchange-traded funds, broker-dealers, municipal advisors, ... Last month, the Securities and Exchange Commission (SEC) issued a … Found inside – Page 83Municipal Advisor Registration Exemption ICBA's Plan for Prosperity calls for exempting community banks and their ... as municipal advisors with the SEC and the Municipal Securities Rulemaking Board and be examined by the SEC in order ... Found inside – Page 3-85Section 409 of Dodd-Frank Act amended Advisers Act section 202(a)(11) to exclude “family offices” from the ... ”3 60'14 Such family offices previously relied on the private investor exemption, but could no longer do so under the new ... Baker Tilly Municipal Advisors, LLC is a registered municipal advisor and controlled subsidiary of Baker Tilly US, LLP, an accounting firm. SEC Exemptive Order re Municipal Advisors This Hawkins Advisory describes the SEC’s exemptive order of June 16, 2020, which provides a temporary … However, the American Securities Association, which supports rescinding the order, has noted that a request for exemptive relief on similar terms was submitted by a municipal advisor “long before the pandemic began.” Found inside – Page 92Several studies are required , including whether to repeal the “ Tower Amendment , ” which prohibits the SEC and the MSRB from requiring municipal issuers to file disclosure documents . Oversight of Municipal Advisors The Act requires ... Please register for the virtual event here. Found inside – Page 353Several studies are required , including whether to repeal the “ Tower Amendment , ” which prohibits the SEC and the MSRB from requiring municipal issuers to file disclosure documents . . Oversight of Municipal Advisors The Act requires ... Found inside – Page 3-28securities laws.69 A bank acting as a municipal securities broker or dealer, municipal advisor, or a clearing agency must register as such with the SEC, but is subject to supervision and enforcement by its federal bank regulator.70 ... SEC Proposes Exemptive Relief for Finders. Acknowledges that the Qualified Provider may choose to engage the services of a broker-dealer to represent the Qualified Provider’s interests. United States, STAY CONNECTED 34-87204) that would permit a registered municipal … On June 16, 2020, the Securities and Exchange Commission issued an Exemptive Order in Release 34-89074 to temporarily permit registered municipal advisors … Found inside – Page 1915Subtitle G - Strengthening Corporate Governance SEC . 971. ... is amended by inserting after section 14A , as added by this title , the following : " SEC . ... ( a ) REGISTRATION OF MUNICIPAL SECURITIES DEALERS AND MUNICIPAL ADVISORS . Following an SEC staff review of the municipal securities market, which included examination of a wide range of issues, such as disclosure and transparency, financial reporting and accounting, and investor protection and education, the Commission issued a comprehensive report on the municipal securities market in July 2012. Today, the SEC published in the Federal Register[1] a proposed notice of an exemptive order (the "Proposal") that would, subject to limitations and conditions discussed below, exempt certain individuals seeking to find investors for private companies, unregistered funds and other non-reporting issuers ("Finders") from federal broker-dealer regulation requirements. Found inside – Page 13-3128, 2016) (issuing order finding that Municipal Securities Rulemaking Board (MSRB) pay-to- play Rule, Rule G-37, imposes substantially equivalent or more stringent restrictions on municipal advisors than SEC Rule and is consistent with ... Found inside – Page 181An IA registers with the SEC by filing an application for registration on Form ADV under the Advisers Act. Form ADV requests extensive information regarding the adviser's background and business practices. Municipal advisors Section 975 ... Found inside – Page 33972 - Chairman CEO structure disclosure in annual proxy Sec . 975. - Municipal advisor regulation ( temporary interim final rule ) Sec . 982 --- Rules for auditor oversight of brokers and dealers Sec . 989G-- Exemption for non ... Securities and Exchange Commission Chair Jay Clayton seemed noncommittal on a proposed exemptive order for municipal advisors. Baker Tilly US, LLP, trading as Baker Tilly, is a member of the global network of Baker Tilly International Ltd., the members of … The Commission has not extended this relief. endstream
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Found inside – Page 226The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 substantially augmented both the powers of the MSRB and the SEC's oversight of the municipal bond market. Municipal advisors, who provide services and advice related ... This comprehensive guide provides complete coverage of the wide range of fixed income securities, including: * U.S. Treasury securities * Agencies * Municipal securities * Asset-backed securities * Corporate and international bonds * ... SEC Settles Municipal Bond Mispricing Case - page 4 ... On October 13, 2000, after the SEC denied the adviser’s request to permit the Funds to suspend redemptions, ... As the SEC noted in each of the exemptive orders, “under accounting procedures followed … Exemptive letters dated after January 15, 2002 respect to Bauer ) ( fund IA and certain officers misvalued Securities!, a registered Municipal advisor and controlled subsidiary of baker Tilly US, LLP, accounting... 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