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SEC Seeking Comments on Disclosure Rule
The Securities and Exchange Commission is seeking public comments on the collection of disclosure information under its Rule 15c2-12, but may get proposed revisions to the rule and criticism that its estimated burdens for compliance are unrealistically low, some sources said.
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The Municipal Securities Rulemaking Board plans to begin collecting and publicly disseminating certain disclosures related to municipal asset-backed securities, such as in the housing market, on its EMMA site in January. more »
The National Federation of Municipal Analysts has announced the first winners of its Peter Fugiel Scholarships – Eric Reese and Scarlett Swerdlow. more »
The Municipal Securities Rulemaking Board and Financial Industry Regulatory Authority will host a joint educational webinar on rule proposals that would require dealers acting as principals to disclose to customers on their confirmations a "reference price" of the same security traded that same day. more »
Another issuer has disclosed its participation in the Municipalities Continuing Disclosure Cooperation initiative, a move the securities law community agrees is probably not wise. more »
The International Municipal Lawyers Association has filed a friend of the court brief asking a federal appeals court to reconsider its decision to disregard a qualified immunity defense for Miami, Fla.'s former budget director, warning that allowing the Securities and Exchange Commission lawsuit against him to go forward would negatively affect municipalities everywhere. more »
A federal judge wants more information on bond firms involved in a $31 million borrowing by Allen Park, Mich. that was the target of a recent SEC probe. more »
The Securities and Exchange Commission has unanimously approved new rules to require self-regulatory organizations and alternative trading systems to strengthen their defenses against technological failures. more »
The Municipal Securities Rulemaking Board is asking the Securities and Exchange Commission to approve the MSRB's proposal to create baseline standards of professional qualification for municipal advisors. more »
Many issuers mulling whether to self-report disclosure violations under a Securities and Exchange Commission initiative will probably weigh their decisions right down to the deadline, and will not see any further guidance from the SEC, a muni law expert told market participants Tuesday. more »
The Financial Industry Regulatory Authority has fined three firms $32,500 and expelled another from FINRA membership for violations of municipal securities rules governing pricing, transaction reporting, record keeping, and supervision. more »
The Financial Industry Regulatory Authority and the Municipal Securities Rulemaking Board are proposing rules that would require dealers as principals to disclose to customers a “reference price” of the same security traded that same day as well as the difference between that price and the customer’s price. more »
A municipal market research firm is urging the Securities and Exchange Commission to conduct a review of its municipal bond disclosure rules to address what it warns are "glaring gaps" in market practices. more »
A federal appeals court appears likely to hear oral arguments in the case of three convicted UBS AG bid riggers early next year, according to documents filed with the court this week. more »

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