Jonathan Hemmerdinger

Municipal analysts and other muni market participants are urging the Municipal Securities Rulemaking Board to strengthen a proposal to tighten bond-ballot campaign contribution reporting requirements for dealers.

Fewer than 10% of general-obligation bond issuers filed annual audited financial reports within the Municipal Securities Rulemaking Board's recommended 120-day period in 2011, according to a report from muni research firm Merritt Research Services LLC.

The Municipal Securities Rulemaking Board launched a series of free online training videos Thursday to help dealers and issuers submit primary- and secondary-market disclosures to the board's EMMA system.

Government officials are on a path to regulating municipal advisors, but real reform won't come until issuers demand higher standards from their advisors, a market observer is warning.

The House Financial Services Committee passed a municipal advisor bill Wednesday after striking a requirement that MAs have written agreements with issuers, one of the bill's most contentious provisions.

While dealers are pushing for a House committee to approve a pending municipal advisor bill, non-dealer advisors oppose the bill, claiming it contains too many loopholes that would allow firms to engage in advisory activities without being regulated.

The Municipal Securities Rulemaking Board has expanded its online guide for municipal bond issuers with new resources, including "EMMA Trade Monitor," a service that allows issuers to download secondary-market trade data to desktop computers.

A pending municipal advisor bill that has been amended to more precisely define the term and to leave a statutorily-mandated federal fiduciary duty in place, could be voted on by the a House committee as early as next week, according to sources.

The SEC could address muni market sectors with the most defaults if Congress gives it authority to enhance municipal issuers' disclosure practices, SEC Commissioner Elisse Walter said in a recent interview.

Pre-trade reporting of muni bond prices by "alternative trading systems" could improve liquidity in the muni market. Or, such reporting could make liquidity worse. Market participants aren't sure which.

The Securities and Exchange Commission will not pursue regulations aimed reducing the susceptibility of money market mutual funds to market runs, SEC chairman Mary Schapiro said in a statement Wednesday night.

The number of continuing disclosures muni bond issuers filed with the MSRB continues to increase, with issuers submitting 139,043 documents in the 12-months ending June 2012, according to a report released Wednesday.

WASHINGTON — This isn't the first time the Securities and Exchange Commission's has had conduit bonds in their cross hairs.

The SEC's request to impose corporate-style registration and disclosure requirements on certain conduit borrowers may not affect those that are responsible for most defaults, data shows.

The Financial Industry Regulatory Authority has ordered four firms to pay more than $53,000 in fines and restitution to customers for violations of municipal securities fair-dealing, pricing and other rules.

Providers of municipal market data met with Municipal Securities Rulemaking Board staff Thursday to discuss concerns that municipal market participants do not adequately understand muni market indices.

The Municipal Securities Rulemaking Board proposed rule changes Wednesday that would require dealers to disclose more details about their contributions to bond ballot campaigns.

Municipal market participants have mixed opinions about the benefits and burdens of a proposal to restrict the ability of underwriters to consent to bond-document changes.

The Municipal Securities Rulemaking Board released a proposal Thursday aimed at increasing protection for retail investors who trade municipal bonds online.

The National Federation of Municipal Analysts released updated disclosure recommendations for issuers of variable-rate demand obligations and other short-term securities on Wednesday.