Kyle Glazier

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.

The Securities Industry and Financial Markets Association is considering launching a campaign urging municipal issuers to lobby federal regulators and lawmakers against underwriter restrictions contained in the Securities and Exchange Commission’s final municipal advisor registration rule.

Dealers want to extend the implementation of the Municipal Securities Rulemaking Board's suitability rules and lengthen the time they have to disclose purchases of municipal bonds. They also want it made clear that a broker-dealer has reduced duties to sophisticated municipal market professionals.

Issuers can take advantage of the independent municipal advisor exemption in order to get the advice of underwriters and other professionals who would otherwise be unable to offer it, according to a paper the Government Finance Officers Association has published about the Securities and Exchange Commission's final MA registration rule.

The American Bankers Association has issued guidance designed to help members determine if they need to register as municipal advisors under the Securities and Exchange Commission's registration rule.

WASHINGTON — The Securities and Exchange Commission filed motions arguing it met the burden of proof necessary to move forward with securities fraud allegations against Miami and its former budget director.