A Closer Look At New Guidance On Bond Markup Disclosures
By Paul Eckert, Bruce Newman and Daniel Martin (August 3, 2017, 12:16 PM EDT) -- On July 12, 2017, the Financial Industry Regulatory Authority and the Municipal Securities Rulemaking Board published new implementation guidance on the bond markup disclosure requirements set to take effect next spring. Under amended FINRA Rule 2232 and amended MSRB Rules G-15 and G-30, effective May 14, 2018, dealers will be required to disclose on retail customer confirmations their markups on most municipal and corporate bond transactions, calculated from the bond's prevailing market price (PMP).
Key insights from the new implementation guidance are summarized below. The guidance, provided in the form of frequently asked questions, attempts to clarify when and how markups...
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