Jack Casey

Rep. Randy Hultgren, R-Ill., plans to introduce legislation during the week of June 27 to clarify that the Securities and Exchange Commission’s Municipal Advisor Rule does not require municipal issuers to hire municipal advisors in order to issue bonds.

Dealer groups are urging the Municipal Securities Rulemaking Board to cut in half a proposed requirement that would mandate municipal securities transactions to be closed out within 20 days of settlement.

Puerto Rico and Obama administration officials said on Thursday it is imperative that a House bill designed to help the commonwealth be passed into law before the territory’s expected debt payment default on July 1.

The Senate is expected to keep Puerto Rico waiting for progress a House bill to help the island address its debt crisis, as other options for the commonwealth have continued to be eliminated.

Ohio filed the first offering document for a potential new type of municipal fund security based on tax-advantaged savings accounts that help support individuals with disabilities, the Municipal Securities Rulemaking Board announced Tuesday.

The Securities and Exchange Commission has settled with a former Chicago charter school operator over charges that he negligently approved and signed a misleading official statement for a $37.5 million bond offering to build three charter schools.

Inflation-adjusted state spending and revenues for fiscal year 2016 are estimated to reach levels not seen since before the Great Recession, according to a study from the National Association of State Budget Officers released Tuesday.

Even before the Senate takes up the House Puerto Rico bill, the names of several individuals are being floated as possible candidates for the oversight board the legislation would create.

Sen. Bob Menendez, D-N.J., said on Thursday that he plans to offer amendments to a House bill designed to help Puerto Rico to make the bill fairer to Puerto Rican residents.

Richards, Merrill & Peterson has agreed to pay a $45,000 penalty for trading below the minimum denomination and North Star Investment Services will pay $15,000 for municipal trade reporting failures under settlements with the Financial Industry Regulatory Authority.

The Municipal Securities Rulemaking Board is asking the Securities and Exchange Commission to approve a revised content outline for its permanent municipal advisor qualification exam that covers newly approved advisor rules.

The Securities Industry and Financial Markets Association is urging states to adopt policies that ensure issuers meet their disclosure requirements and provide investors with relevant information.

Senate Majority Leader Mitch McConnell, R-Ky., told reporters on Tuesday afternoon that the Senate will consider the House bill designed to help Puerto Rico before July 1.

The Government Finance Officers Association has issued an alert urging members to be ready for conversations with their counsel and quick turnarounds of settlements under the Securities and Exchange Commission's program to voluntarily self-report continuing disclosure violations.

The Securities and Exchange Commission is "very focused" on examining whether there were any securities law violations involving Puerto Rico bonds as the commonwealth's fiscal situation deteriorated over the last few years, SEC chair Mary Jo White told the Senate Banking Committee on Tuesday.

The Supreme Court on Monday issued an opinion affirming that a local Puerto Rico debt restructuring law is unconstitutional, leaving congressional action on a House bill as the most viable option left for the struggling commonwealth to deal with its debt crisis.

U.S. banks' holdings of municipal bonds increased to $507.5 billion in the first quarter of 2016, a 1.7% gain from the $499 billion of holdings in the fourth quarter of 2015.

The full Senate is expected to take up the Puerto Rico bill passed by the House and vote on it before the end of the month or in early July.

The Securities Industry and Financial Markets Association is urging the Securities and Exchange Commission to amend its Rule 15c2-12 on municipal bond disclosure and provide more guidance in this area.

A House bill designed to help Puerto Rico will now move to the Senate after House members passed the bill 297 to 127 during a session that stretched into early Thursday evening.