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Underwriters and Broker-Dealers: What’s All the Paperwork About?

Author

Listed:
  • Dan Deaton
  • Andy Sears
  • Stephen Heaney
  • Peg Henry
  • Chris Mukai

Abstract

Starting at the beginning of 2012, the U.S. Securities and Exchange Commission and the Municipal Securities Rulemaking Board (MSRB) undertook several initiatives to change the practices of underwriters in the municipal securities market to better protect both investors and issuers. This article discusses how recent enforcement actions and other regulatory actions, including the Municipalities Continuing Disclosure Cooperation Initiative and the National Exam Program Risk Alert, have altered underwriters’ responsibilities and their relationships with issuers; how the Municipal Advisor Rule and subsequent MSRB rulemaking have affected underwriters’ ability to provide issuers with guidance in structuring financing; what issuers can expect from underwriters moving forward and what new responsibilities issuers must assume; and how the market has responded with new products as a result of these regulations and requirements.

Suggested Citation

  • Dan Deaton & Andy Sears & Stephen Heaney & Peg Henry & Chris Mukai, 2016. "Underwriters and Broker-Dealers: What’s All the Paperwork About?," Municipal Finance Journal, University of Chicago Press, vol. 37(3), pages 45-59.
    • Handle: RePEc:ucp:munifj:doi:10.1086/mfj37030045
    DOI: 10.1086/MFJ37030045
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