Jack Casey

Bond Dealers of America will be working on a full plate of issues this year as it helps its members navigate recent and ongoing regulatory developments while maintaining its educational and Capitol Hill-centered work, said new BDA board chair John Fechter.

First Winston Securities, Alton Securities Group, and MidAmerica Financial Services were ordered to pay a total of $115,000 in fines and restitution by the Financial Industry Regulatory Authority for violation of municipal securities rules.

In parallel actions on Thursday, the Securities and Exchange Commission and the U.S. district attorney for the Southern District of New York filed civil and criminal charges against Ramapo, N.Y., officials for misleading investors in connection with bonds issued to finance a minor league baseball stadium.

The Natural Resources Committee has indefinitely delayed the vote that was planned for Thursday on the Puerto Rico bill as its members, Treasury Department officials and other stakeholders continue to try to address the concerns raised about the measure and change its provisions to ensure they can get enough votes to pass it.

The House Committee on Natural Resources is moving forward with a bill to help Puerto Rico that loosens provisions regarding the oversight board but still keeps the cram down and debt litigation moratorium portions of an earlier version that drew criticism.

The Securities Industry and Financial Markets Association is pressing the Securities and Exchange Commission to update and modernize its municipal securities disclosure rule as well as develop a parallel rule that gives municipal advisors continuing disclosure responsibilities.

Bond Dealers of America is urging the Municipal Securities Rulemaking Board to leave unchanged some rules that relate to the municipal securities market’s move to a two- instead of three-day settlement cycle.

The Municipal Securities Rulemaking Board is proposing two clarifying exceptions to its rule preventing dealers from buying or selling bonds below their stated minimum denominations

Most municipal bond analysts believe Chapter 9 bankruptcy is taboo for municipalities and should be avoided, according to an analyst survey by PNC Capital Markets LLC.

The Municipal Securities Rulemaking Board and Financial Industry Regulatory Authority warned firms on Monday that they need to conduct adequate due diligence to determine if bank loans and private placements involve municipal securities.

Issuers and dealers are criticizing as incompatible with the municipal bond market the Municipal Securities Rulemaking Board's proposed rule changes to establish a process for determining markups and markdowns that may have to be disclosed to retail investors.

The Federal Reserve on Friday released final rule changes to treat more municipal securities as high-quality liquid assets under liquidity requirements for large financial institutions, but critics complain they do not go far enough and could hurt the muni market.

The Supreme Court’s refusal to take up a case on the Securities and Exchange Commission’s use of administrative proceedings to impose penalties in enforcement cases prompted a law firm to recommend those subject to administrative proceedings to challenge their constitutionality.

Draft legislation created by a House committee to help Puerto Rico has a good chance of moving forward with a lot of changes, but one major hurdle is its proposed temporary moratorium on litigation over Puerto Rico debt, sources said on Wednesday.

The official discussion draft bill released on Tuesday to help Puerto Rico is drawing criticism from nearly all sides.

The Securities and Exchange Commission on Friday approved a Municipal Securities Rulemaking Board proposal that extends MSRB board term lengths to four years from three.

Senate Finance Committee chair Orrin Hatch, R-Utah, on Thursday called for Democrats and the administration to be more transparent and realistic, after proposing “unworkable” solutions to Puerto Rico’s crisis as Congress continues to work toward bipartisan legislation for the commonwealth.

A Financial Industry Regulatory Authority arbitration panel this week approved the removal of a complaint about Puerto Rico bonds from a financial advisor’s record after concluding the advisor kept the investor adequately informed of the risks posed by the bonds throughout their seven-year relationship.

The Financial Industry Regulatory Authority has censured and fined Edward Jones $200,000 for misrepresenting taxable customer interest as tax-exempt and failing to adequately monitor its supervisory systems meant to address short positions the firm had in municipal bonds.

For the first time in the municipal securities market, the Securities and Exchange Commission on Tuesday charged a municipal advisory firm, its chief executive officer, and two of its employees for breaching their fiduciary duty by failing to disclose a conflict of interest to a municipal client.