Kathie O'Donnell

Randall "Randy" Miller, Chad Miller and Jeffrey De Laveaga were charged by the SEC with creating false documents that were provided to investors in two municipal bond offerings.

SROs "are now being guided by individuals who lack a deep real-world understanding of the markets they oversee," the trade association said in a letter to the House Financial Services Committee.

"We supported the approved rule change and are extremely disappointed that the MSRB is now proposing to halt the progress it had been making toward full and complete transparency in the municipal securities market," Dimensional Fund Advisors officials said in a letter.

Some local governments have begun formal assessments about whether electric services to their communities should be municipalized or whether their existing franchise agreements can be updated in their favor.

Isaak Bond Investments has agreed to pay a $20,000 fine to settle allegations brought by the Financial Industry Regulatory Authority.

"I've always really enjoyed what I do," said Henry, who began doing legal work involving municipal securities in 1981.

"If you are seeking the services of a municipal advisor, it would be helpful to use the term municipal advisor in your RFP/Qs," said Sanchez, director of the SEC's Office of Municipal Securities.

"I think your first question to them should be 'Are you from the future?,'" the deputy director of the SEC's Office of Municipal Securities said.

Sanchez said the GFOA's debt committee in particular is a place where there could be discussion about what kind of controls are necessary to address the situation. 

The updated document also addresses disclosure relating to cybersecurity.

Some market participants said they were sad to see EMMA Labs go.

The proposal would effectively cancel part of a rule change that had not yet become effective.

The action stems from conduct that occurred from 2020-2023, FINRA alleged.

"This case involves the discovery of a massive Ponzi-like fraud orchestrated by former GHA executive director Robert Cappelletti," plaintiffs GHA and Greater Groton Realty Corp., a non-profit affiliate of the GHA, said in an April court filing. 

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.