SEC

In 2012 John Cross became the first person to head the independent Office of Municipal Securities at the U.S. Securities and Exchange Commission.

Securities and Exchange Commission Chair Jay Clayton seemed noncommittal on a proposed exemptive order for municipal advisors.

Though enforcement cases slightly decreased this past year, lawyers say the Securities and Exchange Commission is just as aggressive as ever.

“The channel doesn’t matter in terms of responsibility for the information,” said SEC Chairman Jay Clayton.

If the proposal is approved, the timing of issuers' annual financial disclosures would be prominently displayed as soon as the beginning of 2020.

The changes will slim down underwriters' disclosures to issuers, which many believed had become too lengthy and wordy to be useful.

Data on default rates shows that while there has been improvement in consistency between corporate and muni ratings, there is still work to be done.

The SEC brought four civil lawsuits and 10 stand-alone administrative proceedings, according to its annual report released Wednesday.

At an SEC Fixed Income Market Structure Committee meeting on Monday, participants suggested giving out awards to incentivize issuers to submit timely financial information.

As the House of Representatives votes to approve next steps in President Donald Trump's impeachment inquiry, the muni market considers the possible impact.