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SEC Approves Shorter T+2 Settlement Cycle for Munis, Other Securities
The move to a shorter settlement cycle for munis of two instead of three business days after the trade date will take effect on Sept. 5.  more »
While the move to T+2 will be "an improvement" much "more can and should be done" in this digital age, said SEC Commissioner Kara Stein.
Jay Clayton, the nominee to take over as SEC chair, told senators on Thursday that a focus on enforcement against individuals will be an important part of the SEC’s efforts to curb bad actors in the capital markets. more »
The MSRB responded to market participants comments about a prior draft of municipal advisor continuing education requirements by making several changes and providing more details about the way an MA firm could implement the proposal. more »
The National Federation of Municipal Analysts’ final best practices on charter school disclosures suggests schools can use links to websites for certain information. more »
Amie Riggle Berlin, the SEC’s lawyer who handled its case against Miami and Michael Boudreaux, explained the important aspects of a reliance on professionals defense and the need for issuers to stay truthful in their offering documents during a conference panel. more »
Ed Fierro has joined Bracewell after leaving the SEC’s Office of Municipal Securities. more »
Market participants gathered at The Bond Buyer and Bond Dealers of America’s National Municipal Bond Summit expressed concerns with the broad nature of the SEC’s proposal to add two material events to Rule 15c2-12 that would also emphasize the need to make materiality determinations. more »
The SEC wants a Puerto Rico federal court to agree that Jose Ramirez, a former UBS Puerto Rico employee, engaged in a scheme to defraud investors in closed-end funds with large investments in Puerto Rico bonds. more »
Five firms have agreed to pay a total of nearly $920,000 to settle separate rule violations related to municipal securities. more »
Lawyers gathered at NABL’s Tax and Securities Law Institute on Friday said a carve out in the MSRB’s recent clarification on requiring CUSIPs for private placements would be beneficial to the market. more »
Lawyers at NABL’s TSLI conference on Thursday said that while the SEC’s proposed amendments to its list of material events are well-meaning, they would be burdensome for issuers dealing with the numerous new disclosure obligations. more »
The Senate Banking Committee’s scheduled hearing on Jay Clayton’s nomination is expected to include some questions from Democrats on Clayton’s ties to Wall Street and ability to protect investors. more »
A guilty plea from Aaron Troodler, the former executive director of the Ramapo Local Development Corp., for criminal securities fraud means he could face a maximum of 25 years in prison. more »
The Municipal Securities Rulemaking Board has released criteria that will generally require the top five firms submitting to certain of the self-regulator’s systems to participate in Securities and Exchange Commission-mandated business continuity and disaster recovery plan testing. more »

Pennsylvania Auditor General Eugene DePasquale tells how marijuana taxation and regulation could help the commonwealth shore up its budget. He also discusses audits by his office, unfunded pension liability and the effect of a Donald Trump presidency. Hosted by Paul Burton.

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