UBS Discloses More Than $600 Million Of Claims Filed By PR Investors
UBS is facing more than $600 million in damage claims filed by Puerto Rico investors in closed-end bond funds, the bank said in its second quarter earnings report Tuesday.
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In light of the MSRB's dual mission to protect both municipal entities and investors, SIFMA urges the MSRB to interpret MSRB Rule G-17, effective immediately, to apply specific baseline provisions to municipal advisors. more »
As banks make more loans to lower-rated municipalities, they may have to follow Interagency Guidance on Leveraged Lending that was developed with private and corporate borrowers in mind. more »
Brian Zwerner, former manager of Bank of America's municipal derivatives trading desk, received three years' probation and a $10,000 fine for mini bond bid-rigging more »
Municipal bond issuers, dealers, and lawyers are making another push to alter the Securities and Exchange Commission's Municipalities Continuing Disclosure Cooperation initiative, asking the SEC to narrow the program's scope and delay its deadline by several months. more »
The Kansas Public Employees Retirement System is under investigation by the Securities and Exchange Commission for its pension disclosure practices, a probe that began in 2010, according to a KPERS spokeswoman and bond documents. more »
Based on two court cases, two former JPMorgan bankers want the SEC's pay-to-play case involving Jefferson County, Ala.'s failed sewer deals dismissed. more »
Louisiana issuers should take advantage of the SEC's initiative to self-report continuing disclosure lapses, the State Bond Commission urged Thursday. more »
A Republican congressman is pushing the Securities and Exchange Commission to limit the scope of its disclosure violations self-reporting program to the last two years, warning that if it does not he and other lawmakers may seek a legislative solution. more »
Four Senators from both sides of the aisle are warning the Treasury Department that the tax consequences of proposed rules could deter state and local governments and businesses from using institutional money market funds for cash management. more »
The Financial Industry Regulatory Authority has permanently barred a former employee of a broker-dealer and investment advisory firm from the financial markets and ordered him to pay more than $200,000 of restitution to a customer he swindled. more »
Utah Treasurer Richard Ellis is making a push to educate his state's issuers about the Securities and Exchange Commission’s Municipalities Continuing Disclosure Cooperation initiative, which many public officials remain uninformed about. more »
Bond lawyers and issuers are frustrated that the Securities and Exchange Commission did not specify the disclosure failures that led to its settlement with a California school district on Tuesday. They said it leaves them with no helpful guidance on what kinds of disclosures the SEC is focusing on in its Municipalities Continuing Disclosure Cooperation voluntary enforcement initiative. more »
The Securities and Exchange Commission settled its first case under its Municipalities Continuing Disclosure Cooperation initiative after charging a school district in California with misleading bond investors about its past compliance with its continuing disclosure obligations. more »

As banks make more loans to lower-rated municipalities, they may have to follow Interagency Guidance on Leveraged Lending that was developed with private and corporate borrowers in mind.

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