GFOA

Municipal market participants got some comfort about their fraud liability if they act in good faith on interim financial disclosures.

Issuers will be looking to see what Securities and Exchange Commission Chair Jay Clayton says about disclosure.

Years after the Securities and Exchange Commission enacted a rule to require floating net asset values, finance officers are fighting the legislative malaise to try to undo it.

The exposure draft, Replacement of Interbank Offered Rates, proposes removal of all inter-bank offered rates as an appropriate benchmark interest rate effective for reporting periods beginning after Dec. 15, 2020.

Unless Congress acts, there will be $1 billion in automatic cuts to transit grants and $7.6 billion in highway aid reductions.

The Council of Development Finance Agencies recommends that conduit issuers cover their costs by imposing fees.

Issuers and non-dealer muni advisors support the existing prohibition, while dealers asked the MSRB to provide some flexibility.

Market participants want someone with a deep industry knowledge as the MSRB is set to begin its search for a new president.

GFOA is putting together a working group to address concerns about continuing disclosure in the municipal market, a topic increasingly discussed among stakeholders.

State and local governments and trade groups have until Sept. 13 to submit comments on the 48-page exposure draft GASB released June 13.