Joan Quigley

WASHINGTON - Two key Democratic lawmakers are urging financial regulators to protect the ability of pension plans and state and local governments to use interest rate swaps cost-effectively.

WASHINGTON - Market participants urged the Securities and Exchange Commission to reject or delay the Municipal Securities Rulemaking Board's proposed interpretive guidance for Rule G-17 on fair dealing for underwriters, saying it would impose a fiduciary-like regimen of disclosure obligations that would only confuse issuers.

WASHINGTON - As lawmakers and regulators debate improvements to secondary market disclosure, the new chairman of the Municipal Securities Rulemaking Board stresses it is ready to expand its role to disseminate issuers' interim financial information through its EMMA system.

WASHINGTON - With the 2012 election cycle intensifying, the Municipal Securities Rulemaking Board warned broker-dealers Wednesday that its rule banning pay-to-play political contributions applies to issuer officials who are running for president.

Securities and Exchange Commission staff are pressing forward with a final municipal advisor registration scheme and a report that will recommend improvements in disclosure and other areas of the muni market, commissioner Elisse Walter said Tuesday.

Securities and Exchange Commissioner Elisse Walter called Tuesday for the commission to take a long-term, deep-dive look at the fixed-income market structure.

WASHINGTON - Underwriters may need to withdraw from a competitive transaction if they uncover inaccurate disclosure and the issuer cannot resolve their concerns, a dealer group said in guidance released last week.

WASHINGTON - A bond lawyers' group is urging the Securities and Exchange Commission to allow issuers to disclose interim financial action without fear of possible enforcement action by the agency.

WASHINGTON - Small, independent municipal advisors asked the Municipal Securities Rulemaking Board for an exemption from its proposed $300 per head annual assessment, while dealers criticized as burdensome and costly the board's survey designed to obtain compensation and income data for the assessments.

WASHINGTON - State and local governments issuing new muni bonds are disclosing that President Obama's proposed 28% cap on tax-exempt interest for higher-income taxpayers, if enacted, could lower the value of the bonds or impair their marketability.

WASHINGTON - Issuers vowed to resist a draft bill that would authorize the Securities and Exchange Commission to require them to disclose primary and secondary market bond documents and direct the content and timing of those documents, saying it would open the door to unfettered regulation of their disclosures.

WASHINGTON - Dealers and municipal advisors are criticizing the Municipal Securities Rulemaking Board's proposal for a permanent 21-member board.

WASHINGTON - Responding to a move by the Financial Industry Regulatory Authority to limit the basic broker-dealer licensing exam to customer sales, the Municipal Securities Rulemaking Board is asking the Securities and Exchange Commission for permission to require market participants who engage in muni underwriting, trading, and other non-sales activities to take the board's muni qualifications exam, according to a proposal filed with the SEC Tuesday.

WASHINGTON - In a surprise move, the Municipal Securities Rulemaking Board pulled five proposed municipal advisor rules that had been pending with the Securities and Exchange Commission on Monday, following complaints by dealers and other market participants that the SEC had not yet defined the term municipal advisor. The board also issued an advisory on bank loans.

Citing a “substantial concern” about the Securities and Exchange Commission’s failure to adopt a permanent municipal advisor definition, the Municipal Securities Rulemaking Board has delayed implementation of a core set of muni advisor rule proposals, the board said Monday.

Underwriters who fail to revamp due diligence and disclosure practices for bond documents in negotiated transactions are vulnerable to enforcement action based on a recent pension case New Jersey settled with the Securities and Exchange Commission, a dealer group said in guidance unveiled last week.

WASHINGTON - The Senate Banking Committee unanimously approved two nominees to the Securities and Exchange Commission Thursday, clearing them for a confirmation vote by the full Senate.

Responding to criticism from market participants, the Municipal Securities Rulemaking Board retooled a controversial portion of a proposed rule on broker's brokers, and floated the revised version Thursday for another round of comments.

WASHINGTON - A working group of independent financial advisors is close to finalizing a preliminary outline of topics for the first-ever municipal advisor exam, which will be administered by the Municipal Securities Rulemaking Board, sources said.

An industry group and a consumer group have urged the Securities and Exchange Commission to revise proposed rules governing transactions between swap dealers and customers, arguing the proposal either goes too far and would weaken key issuer protections, or does not go far enough to protect dealers.