SEC Could Halt Muni Bond Sales
The Securities and Exchange Commission will probably use emergency court action to stop state and local governments from selling municipal bonds if it thinks their offerings are fraudulent, an enforcement division official told bond lawyers meeting here.
Image: Bloomberg News
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National Association of Bond Lawyers members elected the groups' officers for 2014-2015 on Wednesday during NABL's annual meeting. more »
Bankruptcies in Jefferson County and Detroit as well as regulatory and enforcement actions have garnered increased scrutiny of the bond market in Washington, and market participants need to better understand the policy-making process, a Treasury Department official said. more »
William Beatty, Washington State's director of securities, became president of the North American Securities Administrators Association on Tuesday. more »
A federal appeals court recently agreed with a lower court that former Miami budget director Michael Boudreaux does not have immunity from Securities and Exchange Commission charges, a decision some experts think could have implications for the SEC's Municipalities Continuing Disclosure Cooperation initiative or other enforcement actions going forward. more »
A federal banking rule that doesn't classify municipal bonds as high-quality liquid assets needs to be reworked to ensure it won't impede critical infrastructure development, Sen. Chuck Schumer told regulators on Tuesday. more »
The National Association of Bond Lawyers has many ongoing projects, including completing an analysis of the long-term implications of a self-reporting disclosure enforcement program, commenting on the SEC's 2012 municipal market report, and providing regulators with its views on tax issues, said its incoming president Antonio "Tony" Martini. more »
The Financial Industry Regulatory Authority fined two firms a total of $31,000 dollars for violations of municipal securities rules, FINRA disclosed in the September monthly disciplinary actions it released Monday. more »
Two ex-JPMorgan bankers shouldn't be allowed to give statements six years after taking the Fifth Amendment in the Jefferson County, Ala., sewer bond and swap case, the SEC says. more »
The Bond Dealers of America has hired two new people and promoted a current employee to boost its advocacy efforts. more »
Bank regulators may think excluding municipal securities from high-quality liquid assets in their liquidity rule is no big deal, but Moody's Investors Service issued a report on Friday saying it may negatively affect credit ratings in the muni market. more »
The Municipal Securities Rulemaking Board, the primary regulator of the $3.7 trillion municipal market, plans to move back to Washington, D.C. after spending more than 15 years in Alexandria, Va. more »
A Treasury Department official, a former Federal Reserve Board chair, congressional staffers and state treasurers spoke at an industry-sponsored municipal securities conference on Thursday that was closed to the press. more »
Dave Sanchez, a lawyer who previously worked in the Securities and Exchange Commission's Office of Municipal Securities, has launched a new practice that will focus on securities law compliance for issuers and municipal advisors. more »

Issuance of municipal MSA tobacco bonds by states was the subject of a highly critical article published by ProPublica. The article attempts to make a case that states erred in deciding to issue tobacco bonds. The article was widely circulated across social media. As we frequently observe, the national media focus on the muni market is appreciated, but the facts got muddied in the pursuit of a good story.

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