Kyle Glazier

The Municipal Securities Rulemaking Board's revenue fell 2% in fiscal year 2013 from the previous year, due to decreases in revenue from both underwriting fees and fines for rule violations, according to data included in the self-regulatory organization's annual report.

The Depository Trust Co. has submitted to the Securities and Exchange Commission a flat fee increase for multi-CUSIP municipal bond transactions, rather than the higher per-CUSIP fees it discussed earlier that riled market groups.

The National Federation of Municipal Analysts announced Susan Dushock as its new chairman and other new board of governors officers for 2014 on Monday.

The Municipal Securities Rulemaking Board is seeking applications to fill seven spots that become available Oct. 1.

The Securities Industry and Financial Markets Association is very concerned about the imminent effective date of the new municipal advisor rule.

The Financial Industry Regulatory Authority has identified the suitability of the bonds of distressed municipalities for investors, as well as municipal advisor activity, as areas it will focus on in 2014.

States will be allowed to issue 5.2% more of private activity bonds in 2014, freeing money for projects that would otherwise be ineligible for tax-exempt financing.

A federal judge has ruled that the Securities and Exchange Commission's fraud case against Miami, Fla. and its former budget director can continue in civil court, denying both defendants' motions to dismiss.

The Securities and Exchange Commission's enforcement division will be very active in the muni space in 2014, experts said, with emphasis on actions against municipal officials and underwriters.

Municipal advisor regulations are likely to be the focus of intense debate in 2014, as the Municipal Securities Rulemaking Board labors to release rules and broker-dealer groups continue to push for interpretations favorable to underwriters.

FirstSouthwest is protesting against "restrictive" conditions included in a request for quotations issued by the Greater Texoma Utility Authority in Texas, which said it will only consider proposals from a financial advisor that is independent from a broker-dealer.

Dan Heimowitz first got into public finance because of a devastating financial crisis in his hometown. Decades later, he's overseeing rulemaking covering a whole new class of regulated firms and individuals.

The Financial Industry Regulatory Authority fined five firms and three individuals for violations of municipal securities requirements, including Barclays Capital Inc., which was directed to pay $200,000 for using bond proceeds to reimburse itself for membership in a lobbying group.

The Municipal Securities Rulemaking Board has requested public comment on whether to require dealers to ensure that their municipal securities staff receive annual muni bond training.

A federal appeals court freed three convicted bid-riggers from prison just before Thanksgiving because the statute of limitations had run out on their alleged violations, according to the court’s newly released opinion.

Several federal agencies have approved a final proprietar trading rule that exempts municipal bonds, something market participants asked for.

The SEC should provide guidance to broker-dealers assuring them that they will not be restricted from giving advice to issuers in their roles as underwriters, a congressman told SEC chairman Mary Jo White in a recent letter.

The Financial Industry Regulatory Authority has fined Oppenheimer & Co. $675,000 for charging unfair prices in municipal securities transactions and for failing to have an adequate supervisory system, FINRA announced Monday.

It is not time to panic despite the struggle of Detroit bondholders to regain their money, representatives of the four largest bond rating agencies told state treasurers Thursday.

Regulatory officials, analysts and lawyers told state treasurers Wednesday that their approaches to municipal bond disclosure are of the utmost importance in the wake of recent Securities and Exchange Commission enforcement actions.