Why Dealers Are Struggling with Proposed Markup Disclosure
Dealers are struggling with how to comply with the Municipal Securities Rulemaking Board’s proposed markup disclosure requirements and whether they can create computer programs or rely on pricing services for compliance.  more »
Dealers worry they will not be able to create computer programs to comply with proposed prevailing market price requirements and want to know if they can use pricing services, according to Peg Henry.
The Municipal Securities Rulemaking Board has improved its EMMA system to make it easier for issuers to disclose bank loans and other alternative financings after state and local officials complained the process was too confusing and seemed to lose some of these disclosures. more »
Former state and local officials on a House Financial Services Committee panel raised concerns Thursday about the lack of transparency of fees in municipal bond deals and the tendency by dealers to push for more negotiated than competitive bond transactions. more »
Municipal market participants at The Bond Buyer's California Public Finance Conference shared concrete examples of how disclosure is improving in the wake of the Securities and Exchange Commission's continuing disclosure voluntary enforcement initiative. more »
About 680 firms, with 4,500 associated professionals, were registered as municipal advisors as of September, the Municipal Securities Rulemaking Board’s chairman told House and Senate committee leaders in a letter detailing the board’s compliance with the Dodd-Frank Act. more »
Stark Municipal Brokers and Performance Trust Capital Partners have agreed to pay a combined $25,000 over reporting violations uncovered by the Financial Industry Regulatory Authority and a former chief executive officer of an Atlanta-based securities company has agreed to be barred from the market in a FINRA action that involves alleged securities fraud. more »
Money market mutual funds’ holdings of municipal bonds fell by nearly $42 billion dollars between the second quarter of this year and the same period last year, a change that is partially the result of soon-to-become-effective rule changes from the Securities and Exchange Commission. more »
The securities fraud jury verdict against the city of Miami and its former budget director Michael Boudreaux on Wednesday will likely embolden the Securities and Exchange Commission to litigate rather than settle cases against issuers and their officials, lawyers said on Thursday. more »
The Securities and Exchange Commission has approved proposed rule changes from the Municipal Securities Rulemaking Board that would authorize the board to provide three-year old trade data for academic studies that would identify dealers in some way without naming them. more »
In a first-of-a-kind verdict, a Miami jury found on Wednesday that Miami and its former budget director, Michael Boudreaux, were guilty of securities fraud for faulty disclosures in connection with three 2009 municipal bond offerings. more »
The Financial Industry Regulatory Authority ordered UBS to pay $750,000 in damages to two Puerto Rico bondholders. more »
The House Financial Services Committee on Tuesday passed a bill by a vote of 30 to 26 that would divert the funding the Municipal Securities Rulemaking Board gets from enforcement actions, remove the independence of the Securities and Exchange Commission's Office of Municipal Securities, and allow certain banks to be exempt from liquidity coverage ratio requirements. more »
California Gov. Jerry Brown signed legislation requiring more bond disclosure from California issuers. more »
The orders provide some insight into what the Securities and Exchange Commission considers to be a material false or misleading statement in an offering document. more »

The Texas Water Development Board chairman Bech Bruun sits down with markets reporter Aaron Weitzman to discuss a gambit of topics, including droughts in Texas and how those disastrous times have turned into learning experiences. They also discuss the history of the TWDB and its various programs as well as what it's like not only being an issuer in today's low interest rate environment but also what it's like being an issuer from Texas.

The orders provide some insight into what the Securities and Exchange Commission considers to be a material false or misleading statement in an offering document.

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