Andrew Ackerman

WASHINGTON — The Municipal Securities Rulemaking Board plans to propose a draft pay-to-play rule for municipal advisers by the end of the month that will mirror existing political contribution restrictions imposed on dealers under its Rule G-37, chairman Michael Bartolotta told reporters in a conference call Monday morning.

WASHINGTON — The Municipal Securities Rulemaking Board plans to propose a draft pay-to-play rule for municipal advisers by the end of the month that will mirror existing political contribution restrictions imposed on dealers under its Rule G-37, chairman Michael Bartolotta told reporters in a conference call Monday morning.

The Securities Industry and Financial Markets Association has upped the ante in its dispute with the Municipal Securities Rulemaking Board over the self-regulator’s proposal to nearly double the fees it collects from dealers, warning that the MSRB must do a better job of explaining the need for the increase.

WASHINGTON — The Securities and Exchange Commission has hired two attorney-fellows to double the staff in its office of municipal securities, but efforts to comply with a congressional mandate to heighten the office’s stature so it directly reports to the chairman is being stymied by short-term budget stopgaps, sources said.

WASHINGTON — Three key Republicans in the House of Representatives introduced a bill Thursday that would impose punitive action on any state or locality with a public pension fund that fails to file annual reports to the U.S. Treasury Department that adhere to a uniform set of accounting standards.

WASHINGTON ­— The central issue for Municipal Securities Rulemaking Board members gathered for a special meeting Thursday and Friday at their Alexandria, Va., headquarters is how the self-regulator will oversee municipal advisers.

Changes to the Securities and Exchange Commission’s Rule 15c2-12 designed to both increase the quantity and timeliness of issuers’ continuing disclosures take effect Wednesday and strongly encourage issuers of variable-rate demand obligations to use so-called long-form disclosure in their offering documents.

WASHINGTON — James Hertz, a former vice president and marketer in JPMorgan’s municipal derivatives group, pleaded guilty Tuesday to three criminal counts for engaging in bid-rigging and fraud conspiracies connected with guaranteed investment contracts and other municipal finance agreements, the Justice Department announced.

WASHINGTON — The Municipal Securities Rulemaking Board’s expenses over the next two years will increase “at ­significantly higher rates” as the MSRB continues to expand its information systems and begins to regulate municipal advisers, the board is cautioning.

Market participants remain divided over the Municipal Securities Rulemaking Board's draft proposal to prohibit dealers from underwriting new negotiated or competitive bond deals if they served as the issuer's financial adviser.

The Pennsylvania Higher Education Assistance Agency disclosed Friday that it is complying with an additional information request from the Internal Revenue Service as part of the IRS’ ongoing review of the agency’s student-loan bonds.

New York attorney general and Governor-elect Andrew Cuomo sued former Quadrangle Group principal Steven Rattner Thursday over his alleged role in a widespread kickback scheme to obtain investments from New York’s largest pension fund, the $135 billion Common Retirement Fund.

WASHINGTON — The Municipal Securities Rulemaking Board’s proposed guidance for broker’s brokers would force them to go beyond the board’s existing rules, would be inconsistent with their limited roles in the market, and would impede the efficiency of the interdealer market, the Securities Industry and Financial Markets Association warned the MSRB this week.

WASHINGTON — Consumer prices fell short of economist expectations in October, expanding 0.2% due largely to higher gasoline prices, the Labor Department reported Wednesday.

WASHINGTON - Consumer prices rose 0.2% in October led largely by an increase in gasoline prices, the Labor Department reported Wednesday morning.

WASHINGTON — A special ethics panel has found New York Rep. Charles Rangel, former Democratic chairman of the House Ways and Means Committee, guilty on 11 of 13 ethics charges, the panel announced Tuesday.

WASHINGTON - A special ethics panel has found Rep. Charles Rangel, D-N.Y., former chairman of the House Ways and Means Committee, guilty on at least 11 of 13 ethics charges, congressional sources said Tuesday.

The Financial Industry Regulatory Authority has fined Kildare Capital Inc. $25,000 for failing to timely report municipal securities transactions and other rule violations.

Dealer and non-dealer municipal advisers have until Dec. 31 to register with the Municipal Securities Rulemaking Board under a new system launched Monday.

WASHINGTON — The Government Finance Officers Association is asking the Municipal Securities Rulemaking Board to more clearly explain the importance of its proposal to nearly double the transaction fees it collects from dealers in order to pay for its development of its EMMA system as well as its new oversight of municipal advisers.