GFOA

Market participants want the Municipal Securities Rulemaking Board's compliance guidance to be clear and within the scope of its authority.

The Consumer Financial Choice and Capital Markets Protection Act of 2017 would modify 2014 regulations in a way that would benefit municipal bonds and state and local governments.

Banks often demand key terms of private placement documents be redacted when issuers want to disclose them and questions of materiality arise.

Muni issuers want six months to a year on transition relief for advance refundings, which the tax bills would terminate after Dec. 31.

Even though tax bills would have a PAYGO problem, Republicans may have the upper hand.

Advance refundings were 27% of market last year, PABs were 19% and most were 501(c)(3)s.

Undoing the floating net asset value requirement for money market funds would give municipalities more flexibility, GFOA testifies.

Market groups and individuals asked the SEC to reject parts of an MSRB rule intended to improve transparency of dealers' private placements.

The GFOA urges issuers to establish clear policies and procedures in the primary and secondary markets.

GFOA says the political subdivision rule would “add extensive and additional federal requirements.''