SEC

The SEC has settled with Robert Benecke and his firm Benecke Economics for acting as an unregistered MA in a case that is emblematic of the growing problem regulators and advisors alike face.

Capital Markets Advisors and Richard Ganci have called for partial judgment in their defense against Securities and Exchange Commission claims that they misled investors, ignored signs of financial distress and that they failed to disclose material conflicts of interest to nearly 200 municipal clients.

The MSRB has received approval from the SEC for its amendments to Rules G-12 on uniform practice and G-15 on confirmation, clearance, and settlement practices.

FINRA has charged Crews and Associates $50,000 and its former head trader and CEO $30,000 for selling municipal bonds with markups and for failing to maintain a supervisory system.

The new law's uncertain impact on cities and states has been a hot topic at the GFOA's annual conference this week.

The exemption, which has been recently enforced by the Securities and Exchange Commission for the first time, will likely force some underwriters to opt out of it for fear of enforcement.

The amendments make some key rule changes, including on the use of testimonials in municipal advisor advertising.

The SEC recently brought its first ever enforcement actions for violating its limited offering exemption, and market participants are beginning to tighten up their policies and procedures in response.

The Securities and Exchange Commission will be issuing two different rulemaking proposals to address the controversial Financial Data Transparency Act.

A heated hearing was preceded by letters to the House Financial Services Committee that gave muni advocates a chance to weigh in on regulatory concerns.