The BDA, represented by Board Chair Mike Marz of First Southwest and Troy Clark of Stephens, participated in the semiannual MSRB Industry Roundtable along with representatives of a dozen other groups representing issuers, analysts, bond lawyers and the buy side. The principal focus of the meeting was the treatment of bank loans, both questions of whether, when and how information on them should be disclosed and questions about whether and when they are truly “loans” or should be classified as securities, with implications for FA’s that place them. As you might guess, there was no resolution of the issues. The groups, however, did agree to continue the discussions with the goal of providing some guidance to the industry. The BDA will continue to participate and will keep our members updated.
