Far West

WASHINGTON — The new chairman of the Bond Dealers of America, Michael Marz, takes the helm amid historic interest and uncertainty in the municipal securities market.

SAN FRANCISCO — The city of Vallejo, Calif., must disclose more information about the role of its mayor and bankruptcy law firm in past bond deals due to accusations of conflicts of interest, a federal judge ruled Tuesday.

WASHINGTON — Representatives of the three major credit rating agencies said Tuesday they do not know of any rating analysts who were treated to expensive dinners, Broadway shows or sporting events by broker-dealers to obtain favorable muni ratings. All said they are unaware of any regulatory investigations of such alleged conduct.

SACRAMENTO — A federal bankruptcy judge said he will set a date in June for the final showdown with creditors on Vallejo, Calif.’s plan to try and rid itself of debt.

The Financial Industry Regulatory Authority has not found any major abuses from its targeted examinations of broker-dealers that were either placement agents or worked with such agents to obtain business from municipalities and public pension funds, market sources said Tuesday.

WASHINGTON — In the first case of its kind, the Financial Industry Regulatory Authority fined Southwest Securities Inc. $500,000 for paying unaffiliated individuals to solicit municipal securities business for it, in violation of Municipal Securities Rulemaking Board Rule G-38.

WASHINGTON — The Internal Revenue Service made about $2.9 billion of subsidy payments to issuers of Build America Bonds and other direct-pay bonds through February, Cliff Gannett, director of the IRS’ tax-exempt bond office, said Monday.

ALAMEDA, Calif. — California’s redevelopment agencies have failed to provide a coherent explanation for their existence, according to state Controller John Chiang.

SAN FRANCISCO — Vallejo retirees have fired another salvo in a battle for scarce funds in the California city’s proposed plan to exit bankruptcy, including conflict of interest accusations against the city’s mayor and law firm.

WASHINGTON — The Municipal Securities Rulemaking Board wants to keep a 21-member board for another year, from Oct. 1, 2011 through Oct. 1, 2012, until it determines what size the MSRB should be on a permanent basis.