Washington

The SEC-approved amendments will become effective in two stages, the MSRB said.

Sanchez cited affordable housing and "project-based" types of transactions as areas "where we are seeing … lawyers more openly engaging in structuring that might be problematic." 

"As soon as you step back from the table, you may wind up on it," NABL's chief policy officer said.

If the SEC grants exemptive relief to firms seeking to offer a multi-class structure, "we will see more ETFs of actively managed municipal bond strategies."

Ryan's selection may indicate an SEC aiming to resolve more violations by other means than enforcement actions, one lawyer said.

The ultimately unrealized threat to the municipal bond tax-exemption and infrastructure needs were among the drivers of bond sales.

Attorneys with expertise in municipal disclosure say issuers who land on the list of "sanctuary" jurisdictions need to at minimum do an analysis of how it may impact their obligations.

The pair is scheduled to be sentenced Nov. 13.

Little Rock, Arkansas-based Stephens Inc. consented to FINRA's findings without admitting or denying them.

The spaceport PAB statute was crafted in a way that's likely to appeal to the tax-exempt bond market. Nixon Peabody's Johnny Hutchinson said.