Financial regulations

An advisory panel suggested modifying the fee structure for tax law violations to encourage more issuers to self-report them.

The SEC's Investor Advisory Committee's vice chairman is Elisse Walter, the former chairman and commissioner of the SEC who was most responsible for the commission's 2012 Report on the Municipal Securities Markets that suggested some of these muni reforms.

A proposal by bank and securities regulators to roll back some provisions of the Volcker Rule indicates they may be considering rethinking their previous stance on tender option bonds.

The MSRB's controversial commentary about selective disclosure got some support from a top SEC official on Wednesday.

The muni market officially got much of what it has spent years fighting for on Thursday, when President Trump signed the banking bill that makes tradable, investment grade municipal securities high-quality liquid assets under federal banking rules.

The bank deregulatory bill passed by Congress on Tuesday would also make fewer banks systemically important and close a legal loophole that had allowed banks to defraud Puerto Rico investors.

Recent research suggests regulators on a global basis are overestimating the risks of infrastructure-related debt.

The proposal would establish a standalone rule governing transactions in discretionary accounts, something the board hasn't had in more than 30 years.

A deal struck between House and Senate leaders could lead to a vote as soon as next week on a banking bill that would classify munis as high-quality liquid assets and make them more attractive investments for banks.

GAO says Congress should consider giving SEC penalty authority over issuers, stripping Puerto Rico's triple-tax exemption,and expanding investor protection.

Jessica Kane's appointment as director of the Office of Credit Ratings suggests that Rebecca Olsen could remain acting or become permanent chief of the Office of Municipal Securities.

The MSRB said its proposals should be approved, despite objections from dealers and municipal advisors.

The MSRB will ask for market feedback on potential interpretive guidance related to a practice the board worries may impair market liquidity.

The Securities and Exchange Commission's decision not to extend the effective date of new markup disclosure requirements is disappointing to dealer groups, which have pushed hard for months for a delay.

A Securities and Exchange Commission proposal that may trigger additional MSRB rulemaking is open for comment, and the MSRB is scheduled to discuss it next week.

Muni market groups told the MSRB that its latest FAQs about municipal advisors need to more clearly integrate existing guidance from both the board and the SEC to avoid creating confusion.

The MSRB said the paper was prompted in part by the tax law's prohibition on advance refundings and the fact that interest rate swap rules intersect with the board's rules for municipal advisors.

The National Association of State Treasurers is using infrastructure finance as an argument to urge lawmakers to pass legislation reclassifying some munis as high-quality liquid assets.

Some worry that MSRB's late release of an updated set of FAQs on markup disclosure requirements will hinder their meeting the May 14 effective date.

MSRB publishes a resource document after deciding not to take regulatory action on minimum denominations.