The author provides market context to the MSRB’s 2016 mandate that “best execution,” a hallmark of the taxable fixed income and equity markets, becomes a staple for retail municipal bond investors. The discussion includes: (i) Current municipal price discovery methodologies, (ii) Electronic markets’ regulatory compliance tools, (iii) Implementation Guidance on MSRB Rule G-18, on Best Execution; and (iv) Recent municipal enforcement actions.
Section 11 damages computation for direct listings
In September 2021, the Ninth Circuit ruled in Pirani v. Slack Technologies, Inc.[1] (Slack) that Section 11 liability applies to direct listing shares. This...