Kathie O'Donnell

The $16,250 was part of a $150,000 total fine Wedbush agreed to pay to settle FINRA allegations.

"Illinois is just pure mismanagement," Ryan Frost, managing director of the Reason Foundation's Pension Integrity Project, said.

The MSRB plans to issue the request for comment regarding MSRB Rule D-15 "within the next week or so."

"BDA supports the proposal and we encourage the commission to approve it," its letter said.

"Over the next fiscal year, I look forward to collaborating with MSRB Board members from across our industry, and the nation," Board Chair Natasha Holiday said.

"I would say don't be afraid to pick up the phone and talk to investors directly," Nuveen's Molly Shellhorn said.

"Bond by bond, project by project the muni market has helped to build the spaces and places where American life unfolds," SEC Chairman Paul Atkins said in a speech delivered at the MSRB's 50th Anniversary Celebration Tuesday evening.

"It shows the chairman's understanding of the practical realities of firms...," Peter Chan, a partner at Baker McKenzie said.

"Going forward, the staff will provide the other side with at least four weeks to make Wells submissions," SEC Chairman Paul Atkins said in a recent speech.

"It is a big problem across the board with all types of deal participants perhaps venturing into unregistered MA activity," said Susan Gaffney.

Stradling clients "were fortunate to receive proactive contact from SEC staff to reschedule imminent matters leading up to the shutdown," said Kathleen Marcus, a partner at Stradling.

Interactive Brokers said it "promptly addressed the issue that gave rise to the settlement."

The board also said it plans to return more than $23 million in surplus operating reserves to the municipal bond industry.

SIFMA looks forward to "the SEC approving this rate card, and the resulting fee reductions," Leslie Norwood said.

"I think, overwhelmingly, all of our market participants are wanting the same thing and that's really a thriving municipal market," Holiday said.

"If the open jacket policy is actually implemented—which we in the defense bar hope is the case—it would be a welcome reform," one attorney said.

An SEC investigation "is not a litigation," said Kathleen Marcus, a partner at Stradling Yocca Carlson & Rauth.

BDA plans to hold the fly-ins twice a year, CEO Mike Nicholas said.

The SEC-approved amendments will become effective in two stages, the MSRB said.

A group of bondholders are floating fresh financing to a bankrupt metals recycler that elevates their bonds above other holders.