Jack Casey

The Securities and Exchange Commission has approved a rule from the Municipal Securities Rulemaking Board that addresses potential conflicts of interest by restricting the gifts and non-cash benefits that non-dealer municipal advisors can give to issuers and others in their professional capacities.

Rep. Nydia Velazquez, D- N.Y., introduced a bill Wednesday that would substantially increase hedge fund reporting requirements in response to ongoing concerns about hedge funds' role in Puerto Rico's financial crisis.

The House Financial Services Committee approved a bipartisan bill by voice vote on Tuesday that would treat investment grade and actively traded municipal securities as high quality liquid assets under a bank liquidity rule adopted by banking regulators in September of last year.

The Municipal Securities Rulemaking Board filed a rule with the Securities and Exchange Commission on Tuesday that would require certain brokers, dealers and municipal advisors registered with the MSRB to participate in its business continuity and disaster recovery testing.

Financial Industry Regulatory Authority chairman and chief executive officer Richard Ketchum announced Friday he will retire in the second half of 2016.

The Municipal Securities Rulemaking Board answered dealer questions and provided guidance on its proposal to require dealers acting to disclose markups and markdowns.

The Government Finance Officers Association's executive board recently approved two updated disclosure best practice documents designed to help issuers meet their bond-related disclosure requirements while considering the possibilities of website-based and voluntary disclosures.

President Barack Obama on Wednesday nominated Hester Peirce to finish Daniel Gallagher’s term until June 5, 2016, and Lisa Fairfax to replace Luis Aguilar for a five-year term to the Securities and Exchange Commission.

A proposed House bill to treat investment grade and actively traded municipal securities as high quality liquid assets received support from members of a House Financial Services Committee panel as well as banking experts during a hearing on Wednesday.

The Municipal Securities Rulemaking Board is extending the date for comments on its recently proposed markup disclosure rule while an industry group wants the board to delay the implementation deadline for its best execution rule.

The Municipal Securities Rulemaking Board’s proposed changes to extend its gift rule to municipal advisors “remain unclear in crucial areas” and “do not go far enough to prevent abuses” by both MAs and broker-dealers, the National Association of Municipal Advisors said.

Analysts and bankers questioned the feasibility of a proposal to use a debt exchange to restructure Puerto Rico’s bonds that is under discussion by Treasury Department and territory officials.

Puerto Rican civic, political, and business leaders from around the country met in Orlando Wednesday to rally for extending Chapter 9 bankruptcy to Puerto Rico public authorities but one speaker at the event urged caution in throwing support behind such a measure.

The Municipal Securities Rulemaking Board plans at its quarterly meeting next week to discuss its proposal to require dealers to disclose on retail customer confirmations the markups and markdowns on principal transactions.

Securities and Exchange Commission officials updated National Association of Municipal Advisors members here on the status of the commission’s municipal advisor examinations and fielded individual questions about continuing compliance with the program.

The Financial Industry Regulatory Authority ordered San Juan-based Santander Securities on Tuesday to pay $6.4 million for supervisory failures related to Puerto Rican municipal bonds.

Rebecca Olsen, deputy director of the Securities and Exchange Commission’s office of municipal securities, has concerns about municipal advisor misconceptions she has heard about who can advise in the municipal market and who can be considered an independent registered municipal advisor.

The Securities and Exchange Commission’s Office of Municipal Securities is weighing whether to provide legal interpretive guidance to help municipal advisors determine if they are acting as an adviser or broker-dealer when working with an issuer on a bank loan.

Nat Singer recently compared chairing the Municipal Securities Rulemaking Board to running “a relay race.” He said his leg of the race is to work with the board to move forward with rules such as those on municipal advisor core conduct and dealer disclosure of markups on principal trades and then hand the work off to the next chairman and board.

At least three major Wall Street firms have not settled with the Securities and Exchange Commission under its Municipalities Continuing Disclosure Cooperation initiative, noted some lawyers who were involved with a National Association of Bond Lawyers survey on the impact of MCDC.