Financial regulations

The proposal would impact the private placement business and may require amendments of MSRB rules.

In 2012 John Cross became the first person to head the independent Office of Municipal Securities at the U.S. Securities and Exchange Commission.

Securities and Exchange Commission Chair Jay Clayton seemed noncommittal on a proposed exemptive order for municipal advisors.

Though enforcement cases slightly decreased this past year, lawyers say the Securities and Exchange Commission is just as aggressive as ever.

Cross, who served as associate tax legislative counsel at the Office of Tax Policy until Friday, said that he resigned in order to be closer to family.

If the proposal is approved, the timing of issuers' annual financial disclosures would be prominently displayed as soon as the beginning of 2020.

Data on default rates shows that while there has been improvement in consistency between corporate and muni ratings, there is still work to be done.

At an SEC Fixed Income Market Structure Committee meeting on Monday, participants suggested giving out awards to incentivize issuers to submit timely financial information.

The committee's discussion will begin with a municipal issuers’ structured disclosures discussion, featuring issuers, regulators, and others.

Baker McKenzie created a new group to integrate regulation and enforcement in a move to align with the Securities and Exchange Commission's practices.