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Munis Could be Caught Up in Revised CHOICE Act's Mandated SEC Reviews
House Financial Services Committee Republicans have floated a revised version of a their Financial CHOICE Act that would require the Securities and Exchange Commission to review municipal market and other self-regulatory organizations' inefficiencies as well as reform its enforcement process  more »
Financial Services Committee chair Rep. Jeb Hensarling, R-Texas, is expected to roll out a revised version of his Financial CHOICE Act in the near future.
Major investment firms made unethical and probably illegal loans to Puerto Rico’s government from 2000 to 2008, according to a report from a populist financial industry watchdog. more »
The House Financial Services Committee intends to review municipal bond regulators and other aspects of the capital markets with an eye toward rolling back certain programs, according to an oversight plan from the committee. more »
Citigroup Global Markets, Inc. has agreed to pay a $250,000 fine after the Financial Industry Regulatory Authority found rule violations including the failure to report accurate interest rate reset information for 251,507 variable rate demand obligation securities. more »
The Internal Revenue Service has determined that District of Columbia’s PILOT revenue bonds are taxable. more »
President Donald Trump will order a sweeping review of the Dodd-Frank Act rules enacted in response to the 2008 financial crisis, a White House official said, signing an executive action Friday designed to significantly scale back the regulatory system put in place in 2010. more »
Moody’s Investors Service withdrew its credit rating for the Town of Ramapo, N.Y. after it failed to provide audited financial statements for the 2015 fiscal year. more »
Phoenix-based Lawson Financial Corp. had its Financial Industry Regulatory Authority membership revoked and its CEO and president was barred from the industry after FINRA found they fraudulently sold millions of dollars of municipal revenue bonds. more »
Two Puerto Rico residents are firing back at UBS, saying the firm's challenge in federal court of an $18 million Financial Industry Regulatory Authority arbitration award over losses in Puerto Rico bonds is "a hopeless and baseless attempt at an unwarranted do over." more »
Financial advisor Hilltop Securities Inc. – formerly First Southwest – has agreed to pay $16 million to settle the lawsuit Rhode Island Commerce Corp. brought in the wake of the failed 38 Studios deal. more »
A federal judge has denied former Miami budget director Michael Boudreaux's motion for a new trial after a jury found him guilty of securities fraud for misleading municipal bond investors, but he is still exploring options for appeal, his lawyer said. more »
Marc Wyatt, director of the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations, plans to leave the SEC next month to return to the private sector, the commission announced on Monday. more »
The Securities and Exchange Commission and three defendants allegedly involved in a pay-to-play scheme to steer billions of dollars of business from a New York pension fund to certain firms have agreed to ask a federal court to stay the civil case resulting from the charges while two criminal cases moves forward. more »
The Securities Exchange Commission’s regulatory and enforcement workload may be slowed or stalled now that it is down to only two commissioners, one Democrat and one Republican, said observers. more »

What does the muni market have in store for us in 2017 after a record breaking year issuance-wise in 2016? Kevin Dunphy, managing director and head of public finance for Mitsubishi UFJ Financial Group, talks about the overall outlook for the muni market, what he sees for issuance in 2017, and addresses shrinking underwriter spreads and what, if anything, can be done to increase those margins. Hosted by Aaron Weitzman.

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