Financial regulations

The Securities and Exchange Commission wll work with the market to change secondary disclosure habits without a mandate, issuers and analysts said.

Nicole Byrd, a senior investment professional at Nationwide Mutual Insurance, will be the National Federation of Municipal Analysts chair for the next year.

The board will, among other things, review comments on a proposed order that would allow municipal advisors to participate in some private placement activities.

The median time it takes for municipal bond borrowers to complete their annual audits was 156 days for fiscal 2018: equal to the slowest time in the past 11 years.

An SEC advisory committee recommended allowing investment advisers affiliated with broker-dealers to offer and sell negotiated new issue muni bonds during the order period that the dealer also participates in.

Dealer groups want the SEC to examine broker-dealers and municipal advisors equally.

The investigation appears to be linked to the supervision of Deborah Kelley, a broker who was convicted and sanctioned for bribing a state pension fund officer.

Events at the SEC are likely to create a number of important MSRB rule changes in the coming year.

In response to the SEC's complaint, the former chief business officer of a California school district said he acted in good faith.

Issuers, bond lawyers, and analysts have all raised complaints about the proposed addition to EMMA.