Kyle Glazier

Miami and its former budget director Michael Boudreaux are urging a federal district court to dismiss the securities fraud charges the Securities and Exchange Commmision filed against them in July for disclosure failures.

The Municipal Securities Rulemaking Board is prioritizing a best execution rule for the municipal market, and also decided rules governing municipal advisors, beginning with a fiduciary duty rule.

Federal regulators should employ different approaches to different financial markets in implementing the Volcker Rule, according to a report issued by the Bipartisan Policy Center.

The Municipal Securities Rulemaking Board’s board of directors will discuss a possible best execution rule and municipal advisor regulation during its meeting in Alexandira, Va. this week, the MSRB announced.

The executive board of the Government Finance Officer’s Association has approved best practices on pension funding, bank loans, and the investment of bond proceeds.

Sentencing for convicted bid-rigger David Rubin has been pushed back to Dec. 3 from Oct. 18, at the request of defense attorneys who said they needed more time to prepare an analysis disputing the $11.5 million of restitution federal prosecutors are seeking.

The Securities and Exchange Commission's Office of Municipal Securities will gain another attorney next month when Goldman Sachs' Edward Fierro comes aboard Nov. 4.

Broker-dealer firms can do more to manage conflicts of interest in their businesses, including by taking steps to deal more transparently with retail investors, according to a report published by the Financial Industry Regulatory Authority.

Representatives of the big three rating agencies told non-dealer municipal financial advisors to expect more questions for their clients about pension obligations in the wake of Detroit’s bankruptcy filing. However, new pension and general obligation bond metrics are unlikely to cause a widespread drop in muni credits, they said.

Non-dealer municipal advisors are unsure which employees at their firms must register as MAs under the Securities and Exchange Commission’s new rule, and want further guidance from both the SEC and Municipal Securities Rulemaking board about how their businesses will be affected by the rule.

Municipalities continue to suffer from the lingering effects of the economic downturn, though local and regional economies are improving and tax bases are gaining strength, the National League of Cities says in a new report.

District of Columbia Mayor Vincent Gray is demanding a meeting with President Obama, Senate Majority Leader Harry Reid, D-Nev., and House Speaker John Boehner, R-Ohio, citing a potential loss of municipal services and funding from the federal government shutdown that began Oct. 1.

Dealer groups are urging the Municipal Securities Rulemaking Board to use restraint in developing a best execution rule for the municipal market, warning that a "trade-by-trade" mandate is not feasible and pushing for their own alternative standard.

A federal judge has issued an order for mediation between the City of Miami, Fla. and the Securities and Exchange Commission, a step the SEC said is required for its securities fraud case against the city and its former budget director.

The Municipal Securities Rulemaking Board has withdrawn its proposal to loosen the standard of independence for public board members, citing "unexpected opposition."

Broker-dealer practices may change under the Securities and Exchange Commission’s new municipal advisor registration rule, as the rule encourages firms to establish underwriting relationships with issuers early in order to be exempt from registration.

The federal government is closely monitoring the deteriorating fiscal health of Puerto Rico and is considering ways it might assist the struggling island, an effort complicated by political headwinds and the unique status of U.S. territories and their bonds.

The Federal government shutdown will leave most agencies overseeing the bond market mostly operational in the near-term, but the municipal advisor rule’s implementation will be delayed and issuers are worried that Build America Bond payments might be cut off or delayed.

The Municipal Securities Rulemaking Board has seated its new board of directors and named municipal advisor regulations as its top priority for the 2014 fiscal year, MSRB announced Tuesday.

A new study shows that state and local governments continued to complete their annual financial disclosures at a slow pace of nearly six months after the close of the fiscal year, a longstanding industry complaint that is getting increased attention in the wake of high-profile distress in Detroit and Harrisburg.