Jack Casey

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.

Senate Democrats on Tuesday introduced another bill that would give Puerto Rico broad debt restructuring capabilities.

Presidential candidate Sen. Bernie Sanders released a plan for Puerto Rico on Monday that proposes extending Chapter 9 bankruptcy protections to the commonwealth’s municipalities and contains several healthcare and environmental initiatives.

Sen. Bob Menendez, D-N.J., and several other Senate Democrats introduced two bills on Monday to give Puerto Rico broad restructuring powers as well as better federal tax and healthcare treatment, but the legislative package is likely to face stiff resistance in Congress where many Republicans have opposed territory-wide debt adjustments.

The Securities and Exchange Commission’s Division of Investment Management has issued a guidance document urging funds with exposure to Puerto Rico debt to continually update their disclosures based on the risks associated with their investments.

Issuers are not likely to change the Securities and Exchange Commission staff’s minds about the violations they have disclosed under the commission’s municipal self-reporting initiative, the commission’s top cop for municipal securities enforcement said on Thursday.

Most issuers that obtained bank loans in 2015 did not hurt their credit quality, but some had bank loans with terms that adversely impacted credit quality. Increased disclosure of bank loans obtained, as well as their terms, is needed, according to a Standard & Poor’s report released on Wednesday.

The Securities and Exchange Commission on Wednesday charged California's largest agricultural water district and two officials with misleading investors about its financial condition when it issued $77 million of bonds in 2012.

The Senate Banking Committee has scheduled a hearing on March 15 to consider Lisa Fairfax and Hester Peirce, President Obama’s two nominees to the Securities and Exchange Commission.

The Securities Industry and Financial Markets Association wants municipal securities transactions to be closed out within 15 days of settlement, rather than the 30 days proposed by the Municipal Securities Rulemaking Board.

The Securities and Exchange Commission on Monday charged a Rhode Island agency, its underwriter, and three individuals associated with $75 million of 2010 bonds for a startup video game company with defrauding investors by not revealing the complete financial status of the company or the extent of the compensation arrangement with the underwriter.

House Natural Resources Committee chair Rob Bishop, R-Utah, visited Puerto Rico Friday as part of a multi-day trip to meet with commonwealth officials and groups as Congress continues to debate a reasonable solution for the territory’s fiscal problems.

Municipal bond trading volume fell 13% during 2015 while the overall number of trades remained relatively stable, continuing a pattern that stretches back to 2007, according to data released Thursday by the Municipal Securities Rulemaking Board.

The Municipal Securities Rulemaking Board announced Wednesday it is pushing back the effective date for several amendments to its trade reporting rule to July 18 from May 23 to align them with the date for similar Financial Industry Regulatory Authority requirements.

Experts and Puerto Rican lawmakers are encouraging Congress and commonwealth officials to include fiscal responsibility laws in any legislative package designed to help the island.

The Municipal Securities Rulemaking Board filed proposed amendments to two rules with the Securities and Exchange Commission late Tuesday in an effort to move the municipal securities market to a two- instead three-day settlement cycle.