TITLE

MSRB Files Consultant Ban Plan With SEC

AUTHOR(S)
Hume, Lynn
PUB. DATE
March 2005
SOURCE
Bond Buyer;3/18/2005, Vol. 351 Issue 32093, p4
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports that the Municipal Securities Rulemaking Board formally filed its proposal with the Securities and Exchange Commission to overhaul Rule G-38 and ban broker-dealers from using independent consultants to solicit municipal securities business on their behalf. The action follows the board's surprise announcement that it would make such a filing. The proposal probably would affect about 100 to 125 firms that currently pay several hundred consultants millions of dollars to help them obtain and retain bond business. It could affect competition in the municipal market by giving an advantage to the top two underwriters that have huge public finance teams--Citigroup Global Group Inc. and UBS Financial Services Inc.
ACCESSION #
16488078

 

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