Far West

The Securities and Exchange Commission last week approved a Municipal Securities Rulemaking Board proposal to extend its Rules G-17 on fair dealing and G-5 on disciplinary actions to muni advisers.

WASHINGTON — Next year could bring some of the most significant changes in the municipal securities market in 35 years as regulators try to fulfill a vast array of mandates under the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Congress weighs potentially expanded federal oversight of the market.

WASHINGTON — President Obama has signed into law a short-term extension of federal government spending, including funds for bond-related programs, through March 4. The continuing resolution will prevent a government shutdown and continue programs until after Republicans assume control of the House and begin wielding more power in the Senate.

SAN FRANCISCO — The Asian Art Museum Foundation won 30 days of breathing room Tuesday to negotiate accelerated payments after the expiration of a letter of credit from JPMorgan Chase & Co. that the San Francisco institution had used to back $120 million of bonds.

ALAMEDA, Calif. — The auditor of Bell’s financial reports failed to follow many generally accepted fieldwork audit standards, according to a review published Tuesday by California Controller John Chiang.

The National Federation of Municipal Analysts is urging market participants to take a critical look at the feasibility studies or appraisals that issuers use and cite in bond documents to support the viability of bond-financed projects.

State and local governments will be able to issue a total of $32.441 billion of private-activity bonds under a national volume cap next year — 5.1%, or $1.584 billion more than in 2010.

California's Business, Transportation & Housing Agency is in the early stages of a plan to remake the state's infrastructure investment market, with a clear focus on public-private partnerships.

California officials announced this week that they have signed an agreement for construction of the first state courthouse financed through a public-private partnership.

Some transaction participants appear to be rushing to market questionable Build America Bond, bank-qualified or other municipal bond deals before tax incentives expire at the end of the year and risking Internal Revenue Service enforcement action for violations of tax requirements, according to market sources.