Kathie O'Donnell

The law has become no less controversial nearly three years after its passage.

The MSRB's decision to rescind the one-minute trade reporting deadline "comes after months of dialogue and engagement with market participants," MSRB President and CEO Mark Kim said.

The muni market's self-regulatory organization has undergone major changes in its five decades, and challenges are ahead.

"It is FINRA's position that, for multiple reasons discussed in its brief opposing Alpine's petition for writ of certiorari, the case did not meet the Supreme Court's standards for review," FINRA said.

Randy Miller, 70, and Chad Miller, 41, entered guilty pleas Wednesday in the Legacy Cares securities fraud case and will be sentenced at a later date.

The fine for violating MSRB rules was imposed as part of a wider FINRA disciplinary action that saw brokerage firm Calton & Associates fined a total of $75,000.

Paul Atkins said he doesn't like regulation by enforcement, a message that broker-dealer groups have spent the last several years longing to hear.

Siebert Williams Shank & Co has been censured and fined $55,000 by the Financial Industry Regulatory Authority for rule violations including reporting inaccurate trade times for roughly 12,100 municipal securities transactions.

Since the attack, many in the industry have had conversations about how to better secure transfer of funds, Vivian Altman said.

The tax bill is far from a done deal, market participants said.