Kyle Glazier

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.

The number of municipal bond issuers rated as "speculative" by Moody's Investors Service has grown by 27% since 2008 and will likely grow further but remain a small part of the market, the rating agency said in its annual report on junk bond issuers.

Three former bankers at GE Funding Capital Market Services, Inc., convicted of fraud and conspiracy for rigging municipal bond investment bids are out of prison following a Nov. 26 decision by the U.S. Court of Appeals for the Second Circuit overturning their guilty verdicts.

The sentencing for convicted bid rigger David Rubin, currently scheduled for Dec. 17, may be delayed until January at the request of his defense team.

The Securities and Exchange Commission has charged Detroit-based Ambassador Capital Management and portfolio manager Derek Oglesby with fraud for investing in risky securities and passing them off to investors, including municipalities, as safe money market funds.

Unfunded healthcare liabilities for retired state employees declined a bit since 2011, a new Standard and Poor's report shows, but more management is needed to protect state credits going forward.

The National Association of Independent Public Finance Advisors has sent an open letter to Securities and Exchange Commission chairman Mary Jo White insisting the municipal advisor rule the SEC adopted in September will not restrict the flow of information between issuers and other parties to a bond deal.

The National Association of Bond Lawyers may consider creating guidance on how attorneys can reasonably rely on tax certificates, following the false certifications market professionals provided for deals involving investment contracts that came to light in criminal bid-rigging cases.

A federal interagency task force, created to advise the Puerto Rican government on fiscal and economic matters, will meet with Puerto Rican officials next month, but will not provide any additional financial assistance, knowledgeable sources said.

The Municipal Securities Rulemaking Board has issued new educational materials for issuers explaining what information dealers should make public about their contributions to campaigns to get voters to approve bond offerings.

The Financial Industry Regulatory Authority fined five firms $255,500 and fined and suspended an individual for violations of municipal securities rules.