SEC suspends MSRB's rate card fee model

The Securities and Exchange Commission has suspended the Municipal Securities Rulemaking Board's 2024 rate card fee model, returning all fees the MSRB collects to 2023 levels and raising immediate questions about what fees will be applied to bonds that have already sold but have yet to close.

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An Arizona state senator is once again attempting to pass a law banning governmental contracts with companies, including banks that underwrite municipal bonds, that "discriminate" against the firearm industry. For the 2024 legislative session, Republican Frank Carroll introduced legislation that would take the question to voters, bypassing Democratic Gov. Katie Hobbs, who vetoed his bill last year.

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Recent economic data have made it clear the Federal Open Market Committee will not cut interest rates at its meeting this week and most analysts believe the March 19-20 meeting isn't in play either, but beyond that, the thoughts about timing and number of rate reductions vary.

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Maryland Democrat Rep. Dutch Ruppersberger, a founder and co-chair of the bipartisan House Municipal Finance Caucus, announced he will step down at the end of his current term. "Clearly he will leave a void," said Brett Bolton, vice president of federal legislative and regulatory policy at the Bond Dealers of America. "He's been on the Hill forever and has been a champion for the industry." Ruppersberger founded the caucus in 2016 and has served as its Democratic co-chair since. The caucus comprises a bipartisan group of lawmakers — 30 as of most recent count — who have pledged to support public finance priorities in Congress.

Read the newest research from The Bond Buyer detailing the public finance industry’s views of the risks and opportunities in 2024.

The veteran-owned investment bank Academy Securities has been censured and fined $30,000 by the Financial Industry Regulatory Authority for failing to file Form G-37 reports disclosing the extent of its underwriting base in a timely manner. Without admitting or denying the findings, Academy agreed to the fine and censure in violation of MSRB Rule G-37 on political contributions and MSRB Rule G-27 on supervision.

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Municipals were little changed to start the week, while U.S. Treasuries were firmer and equities were up late in the trading session. "The market seems to be coalescing around the view that these historically rich ratios can be sustained through February, but that the market technical becomes far less favorable in March and April," said Birch Creek Capital strategists in a report.

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