Financial regulations

The announcement comes at a pivotal time for the municipal market as the SEC released a statement earlier this month detailing the kinds of coronavirus disclosures municipalities should be making.

The SEC encouraged issuers to provide investors with forward-looking information as to how the pandemic will affect future finances.

A federal judge denied the SEC's motion for summary judgement against John Paulsen, setting the stage for a trial.

Issuers say Clayton’s comments on corporate disclosure from earlier this month can be applied to municipal disclosure.

Perhaps most important, nobody involved in this issue has argued that issuers or anybody else would benefit in any way from exempting MAs from appropriate regulation.

NAMA believes the order will strengthen protection for issuers in keeping with the recent reforms in the municipal market.

Sources say action on the SEC's proposed exemptive order has slowed, though it could garner attention at next week's conference.

Walter told The Bond Buyer she has been hearing the same push for transparency since her start at the SEC.

The SEC said that the timeliness of disclosures is a “major challenge” in the secondary market for municipal securities.

The investigation had appeared likely to be tied to a fraud case involving the New York State Common Retirement Fund.