Lynn Hume

The Treasury Department Inspector General for Tax Administration plans to audit the IRS' use of a much-feared enforcement tool under which it can impose penalties for the misconduct of municipal bond transaction participants such as underwriters, lawyers, municipal advisors or their firms.

The pre-trade information available on alternative trading systems to broker-dealer participants would likely benefit all municipal securities investors if made more publicly available, the Municipal Securities Rulemaking Board’s chief economist said in releasing a report Thursday that is to be presented to a market structure advisory group next week.

The impact of the 2008 crisis led Congress and the MSRB to reshape many of the ways business is done in the municipal bond market. Part 1 of The Bond Buyer's series on the decade after the financial crisis.

Recently announced streamlining and rumored budget cuts and layoffs at SIFMA are causing market participants to worry about its commitment to municipal securities.

Raymond James has hired Guy Yandel to open a public finance office in Denver and to expand the firm’s public finance business in the mid-western, mountain, and western states.

The whistleblower responsible for federal investigations and lawsuits accusing banks and broker-dealers of fraud and collusion in the remarketing of variable rate demand obligations will likely be forced to go public because of a recent ruling by Massachusetts’ highest court.

The Bond Dealers of America has formed a Fixed Income Market Structure Working Group to advise regulators, lawmakers and market participants on structural changes in the fixed income industry and marketplace.

The amount of outstanding variable rate demand bonds rose to $142.4 billion in the second quarter of this year, a gain over $142.2 billion in the first quarter and the end of a decade-long decline, Moody’s Investor Service said in a recent report.

Carlos Braceras, elected as the American Association of State Highway and Transportation Officials’ new president on Monday, said one of his goals will be to persuade Congress to include more funding and policy reforms in surface transportation reauthorization legislation.

The Municipal Securities Rulemaking Board on Monday released final and draft guidance on issues related to its G-40 advertising rules for municipal advisors.

States would be barred from starting to require the collection and remittance sales taxes from online vendors located out of state until next year under a bill introduced by two Republicans in the Senate.

The top executives of FINRA, the MSRB, and some industry groups received total compensation of more than $1 million, The Bond Buyer’s latest survey of compensation levels at 23 municipal market-related groups shows.

The Securities and Exchange Commission has sent letters to the 12 top banks and broker-dealers that remarket variable rate demand obligations, seeking information and documents on their remarketing and rate resetting practices.

SEC Chairman Jay Clayton cited Rebecca Olsen's "deep knowledge of the U.S. municipal bond market" and focus on "integrity and transparency" in naming her director.

James J. O'Neil received a 12-month suspension from the market for his role in the flipping and kickback scheme.

Legislation pending in both the Senate and House would eliminate private activity bond volume caps for water and sewer projects.

The now-defunct unregistered broker-dealer Core Performance Management, LLC, and four of its former employees settled fraud and MSRB rule violations with the SEC for engaging in municipal bond flipping and kickback scheme.

They are accused of improperly diverting newly issued municipal bonds to certain broker-dealers for a fee at the expense of retail investors.

The legislation would require local governments in Michigan to sell most bond issues competitively with seven-days public notice.

The Municipal Securities Rulemaking Board has selected two individuals representing the public and three from regulated entities from 80 applicants to become part of its 21-member board on Oct. 1.