PSA The Bond Market Trade Association (TBMA) provides comments to the Municipal Securities Rulemaking Board (MSRB) on the MSRB’s Review of the Underwriting Process published in MSRB Reports, June 1997.  In its review of the underwriting process, the MSRB requests comment on certain primary market disclosure practices, proposes amendments establishing disclosure standards for financial advisors and underwriters and proposes amendments to rules on syndicate practices.

TBMA recognizes that the MSRB only has authority over municipal securities dealers and cannot adopt regulations directly affecting issuers, unregulated financial advisors and customers, we believe that placing municipal securities dealers in the position of “policing” other market participants is inappropriate and should be minimized, to the extent possible, in promulgating new regulations.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.