SEC

Sources say action on the SEC's proposed exemptive order has slowed, though it could garner attention at next week's conference.

The longtime muni lobbyist is now BDA's vice president of policy and research, after having played a less formal role over the past year.

The Illinois attorney general's office is also believed to be looking into the foundation, which issued $170 million of tax-exempt bonds that have defaulted.

Walter told The Bond Buyer she has been hearing the same push for transparency since her start at the SEC.

The SEC said that the timeliness of disclosures is a “major challenge” in the secondary market for municipal securities.

The investigation had appeared likely to be tied to a fraud case involving the New York State Common Retirement Fund.

SEC staff stayed consistent with its message that antifraud provisions apply to all public statements made by issuers.

The dealer group has opposed the proposed order from the start, and is keeping the pressure on as the SEC appears poised to approve the proposal in some form.

Bond Dealers of America sent the SEC a long list of requests to limit municipal advisors' roles in private placements.

Municipal bond issuers say investors, analysts and regulators should narrow down the information they are looking for in their push for more disclosure.

The Municipal Securities Rulemaking Board on Monday detailed plans to reduce its board size and alter its composition.

The Municipal Securities Rulemaking Board has received criticism for the large size of its board and its selection of public board members.

The Securities and Exchange Commission will discuss voluntary disclosure and buy-side perspectives among other topics in March.

The Securities and Exchange Commission wll work with the market to change secondary disclosure habits without a mandate, issuers and analysts said.

Nicole Byrd, a senior investment professional at Nationwide Mutual Insurance, will be the National Federation of Municipal Analysts chair for the next year.

Buy side analysts are skeptical about broker-dealer concerns that the order could greatly expand the private placement market.

The board will, among other things, review comments on a proposed order that would allow municipal advisors to participate in some private placement activities.

An SEC advisory committee recommended allowing investment advisers affiliated with broker-dealers to offer and sell negotiated new issue muni bonds during the order period that the dealer also participates in.

Dealer groups want the SEC to examine broker-dealers and municipal advisors equally.

In the wake of the recent U.S. attack on an Iranian general, U.S. financial institutions are preparing to defend against potential cyberattacks.