Jonathan Hemmerdinger

Non-dealer municipal advisors contend some muni bond underwriters are engaging in financial advisory activities with an issuer, despite a Municipal Securities Rulemaking Board rule prohibiting them from serving in both roles in the same transaction.

Regulatory efforts to promote muni market transparency have not reduced prices paid by retail investors for newly-issued muni bonds, according to study of muni bond trades by University of Notre Dame finance professor Paul Schultz.

The Securities and Exchange Commission's Office of Municipal Securities began reporting to SEC chairman Mary Schapiro as of Sept. 24, an attorney in the muni office said Thursday.

The Securities and Exchange Commission barred four former CDR Financial Products, Inc. employees from participating in the securities markets. CDR was formerly Rubin/Chambers Dunhill Insurance Services Inc.

The Municipal Securities Rulemaking Board has revised its proposal designed to ensure dealers follow the terms of issuers' retail-order periods (ROPs).

The Municipal Securities Rulemaking Board will consider a "best execution" rule during its current fiscal year, which began Monday, MSRB executive director Lynnette Kelly said at an industry meeting here today.

The Securities and Exchange Commission does not intend to take an entire year to finalize its definition of municipal advisor, SEC commissioner Elisse Walter said Monday.

David Brownstein, managing director and co-head of public finance at Citi, has been named recipient of the Securities Industry and Financial Market's Association’s 2012 Honor Roll Award.

The MSRB released education guides Thursday aimed at helping municipal bond investors and issuers understand municipal market indices, yield curves and muni benchmark data.

Proposed rules aimed at increasing protection for retail investors who trade munis online would impose undue costs and administrative burdens on muni dealers, industry participants say.

Incoming MSRB chair Jay Goldstone plans to urge the board to review the effectiveness of muni rules and standardize cost-benefit analyses.

Rep. Jeb Hensarling, a Texas Republican with ties to Lone Star state muni-bond dealers and other financial firms, is most likely to become the next chairman of the House Financial Services Committee in January, according to lobbyists and market sources.

The SEC approved rule changes that will restrict underwriters from using the phrase "not reoffered," or "NRO," in written communications.

Municipal market participants are irked that the Securities and Exchange Commission has further delayed temporary registration rules for municipal advisors, saying the lack of a final MA definition has allowed market abuses to continue unchecked for years.

WASHINGTON — The Securities and Exchange Commission has extended for one year its temporary registration rules for municipal advisors, the second extension since the SEC issued the temporary rule late 2010.

The National Federation of Municipal Analysts has updated its disclosure best-practices paper for issuers of hospital debt in response to market changes spurred by the financial crisis.

Gary Goldsholle, vice president and association general counsel at the Financial Industry Regulatory Authority, has been named general counsel at the Municipal Securities Rulemaking Board and will join the board in late October.

The House of Representatives passed a bill late Wednesday that would narrow the definition of municipal advisor and exempt a number of market participants from being subject to MA registration and other rules.

Public interest and other groups scrambled to send letters to lawmakers opposing a municipal advisor bill they fear will roll back critical components of the Dodd-Frank Act.

The Financial Industry Regulatory Authority has ordered five firms to pay $137,500 in fines for violations of trade reporting and other municipal securities rules.