GFOA

A sweeping bank regulatory bill under debate in the Senate is very close to achieving something the muni market has been fighting for since 2014: the inclusion of municipal bonds as high-quality liquid assets.

NABL favors shortening to seven from 14 days the advance notice requirement for a public hearing about the issuance of PABs.

The firm announced a $10 million investment and landed California, the muni market's largest issuer, as a client.

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.''

Market participants are unsure what the Municipal Securities Rulemaking Board is after.

Market participants say MSRB should include non-bank entities.

The Treasury Department is echoing state and local groups, saying some munis should be considered HQLA.

Federal tax reform efforts could mean trouble for public pension plans, experts said.

The GFOA will continue its efforts to narrow the SEC's events notice proposal in the wake of its letter on the topic.

Issuers and others suggested market participants come together to narrow the SEC's proposal on disclosing alternative debts.

GFOA tells local finance officials about the new issue price rules that tax effect on June 7 and how they will change the process of selling bonds.