Joan Quigley

NEW YORK — The municipal securities market is beset by problems that defy easy solutions, academics and experts told municipal analysts Friday.

WASHINGTON — Self-regulatory officials may assess fees on municipal advisers based on their advisory activity and are focused on disclosure to retail muni investors.

WASHINGTON — The Securities and Exchange Commission voted unanimously Wednesday to approve a proposed rule that would exempt municipal securities from credit-risk retention requirements imposed in the wake of the financial crisis.

An independent financial adviser has informed the Securities and Exchange Commission that an underwriter recently told a prospective bond issuer that it provided services similar to a financial adviser.

WASHINGTON — Independent financial advisers are warning the Securities and Exchange Commission that the Municipal Securities Rulemaking Board’s proposed changes to Rule G-23 contain loopholes that would allow dealer-financial advisers to switch roles and become underwriters in the same muni transactions.

WASHINGTON — Securities and Exchange Commission officials are urging market participants to provide their views about the muni industry and how it can be improved, after the SEC was forced by budget cuts to suspend a series of field hearings that were to be held around the country.

WASHINGTON — Securities and Exchange Commission chairwoman Mary Schapiro told House members Tuesday that her agency is pursuing a number of municipal securities investigations across the country.

WASHINGTON — A House oversight panel will hold a second hearing on fiscal problems faced by state and local governments Tuesday, with witnesses from two major rating agencies.

WASHINGTON — A report on the Securities and Exchange Commission filed with Congress Thursday questioned the wisdom of creating an independent municipal securities office that would report directly to the chairman.

WASHINGTON — The new chairman of the Bond Dealers of America, Michael Marz, takes the helm amid historic interest and uncertainty in the municipal securities market.

WASHINGTON — In the first case of its kind, the Financial Industry Regulatory Authority fined Southwest Securities Inc. $500,000 for paying unaffiliated individuals to solicit municipal securities business for it, in violation of Municipal Securities Rulemaking Board Rule G-38.

WASHINGTON - The Financial Industry Regulatory Authority fined Southwest Securities, Inc. $500,000 for using paid consultants to solicit municipal securities business, in violation of Municipal Securities Rulemaking Board rules.

AUSTIN — The Securities and Exchange Commission’s muni chief defended a proposal to register state and local appointed board members as municipal advisers, calling it an effort to respond to abuses in the area.

Dealer and bank groups warned they face a regulatory quagmire with the Municipal Securities Rulemaking Board’s draft muni adviser pay-to-play restrictions because the board and Securities and Exchange Commission define terms associated with muni advisers differently and have varying sets of rules for muni and investment advisers.

WASHINGTON — The Municipal Securities Rulemaking Board issued draft amendments to its Rule G-20 on Tuesday that generally would bar muni advisers from giving gifts and gratuities in excess of $100 per year to individuals or entities who could influence the award of advisory business.

WASHINGTON — The Commodity Futures Trading Commission’s proposed business-conduct standards go beyond the Dodd-Frank Act mandates and may cause swap dealers to refuse to engage in swaps with state and local issuers and pension plans, industry groups warned Thursday.

WASHINGTON — Just one day after the Municipal Securities Rulemaking Board issued a draft rule on muni advisers’ fiduciary duties, market participants are questioning the scope of the rule and whether it would apply to brokers engaged in certain activities such as recommending securities in which states and localities could invest general funds.

WASHINGTON — The Municipal Securities Rulemaking Board issued a draft rule Monday that would spell out how muni advisers will be expected to comply with new fiduciary-duty obligations imposed on them by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

WASHINGTON — As a House Judiciary Committee panel meets Monday to hold a hearing on public pensions and the need for state bankruptcy protection, pension and muni bond experts are opposing a recently introduced bill that would prohibit them from issuing tax-exempt bonds unless they subject their pension plans to federal oversight and regulation.

WASHINGTON — House panel members on Wednesday opposed federal bailouts for municipal governments and were reluctant to provide states with bankruptcy protection, but they seemed to support requiring improved public pension fund disclosure.