SEC

The Securities and Exchange Commission plans to focus on protecting Main Street investors in municipal bonds.

The investigation appears to be linked to the supervision of Deborah Kelley, a broker who was convicted and sanctioned for bribing a state pension fund officer.

Events at the SEC are likely to create a number of important MSRB rule changes in the coming year.

The orders issued Dec. 23 bring to a close the Securities and Exchange Commission enforcement action against Navnoor Kang, Deborah Kelley and Gregg Schonhorn.

In response to the SEC's complaint, the former chief business officer of a California school district said he acted in good faith.

Issuers, bond lawyers, and analysts have all raised complaints about the proposed addition to EMMA.

A steep decline in school district reserves drove a two-notch downgrade and has drawn a subpoena from the Securities and Exchange Commission.

The SEC chairman’s comments are consistent with his record, which has included repeated calls for the MSRB to take steps to be sure investors are aware that issuer financials filed to EMMA can often be many months old.

The proposal would impact the private placement business and may require amendments of MSRB rules.

Kenneth E. Bentsen Jr., the securities industry trade group's CEO, warned against a proposal to exempt some muni advisors from registering as broker-dealers.