SEC

The group sent a letter to the Securities and Exchange Commission this week asking for fair dealing rule guidance to be better tailored to 529 savings plans.

“Reporting unauthorized transactions is certainly a good first step in building cooperation,” said one lawyer. “But there could be a lot more to it.”

The MSRB wants to work with other regulatory groups to decrease confusion surrounding suitability rules in conjunction with the SEC's new Regulation Best Interest.

Issuers and non-dealer muni advisors support the existing prohibition, while dealers asked the MSRB to provide some flexibility.

In Schwartz, MSRB loses an experienced lawyer, respected by his peers, as it faces a future without its longtime leader.

Her announcement comes at a time of scrutiny from lawmakers and the SEC.

Warren is among the most prominent Capitol Hill voices on issues related to financial regulation.

The SEC and Bank of Oklahoma differ in what they want a federal judge to do next in the Christopher Brogdon case, though both claim to have investors' best interests at heart.

SEC Chair Clayton’s comments that information on EMMA is subject to more scrutiny could be true for some participants depending on issuers’ reliance on the MSRB site.

The National Association of Municipal Advisors wants SEC staff action to protect MAs and possible eventual rulemaking to create "regulatory parity" between MAs and broker-dealers.

Clayton noted a trend of issuers being advised that information they supply on EMMA is subject to more anti-fraud scrutiny than information provided in other ways.

At its quarterly board meeting last week, the MSRB decided to do away with Rule G-34’s provision that all municipal advisors, whether dealer or non-dealer, have to apply for a CUSIP number in competitive sales.

GFOA is putting together a working group to address concerns about continuing disclosure in the municipal market, a topic increasingly discussed among stakeholders.

Prominent muni market figures will discuss the content and timeliness of disclosure at an SEC committee meeting next week.

The MSRB filed proposed Rule G-17 interpretive guidance to the SEC on Tuesday, aiming to streamline underwriters' disclosures to issuers.

Registered advisory firm Dale Scott & Co. will pay $25,000, and one firm and one individual each will pay $10,000 for acting as unregistered solicitors.

Sen. John Kennedy introduced the bill in April, and is attempting to move it forward. It would overhaul MSRB board membership rules, particularly for members representing the public.

The monitorship plan will extend until Sept. 13 for seven assisted living facilities he is trying to liquidate.

Allison Herren Lee is short on direct municipal market experience, but has a well-rounded background as a securities lawyer.

Both BDA and SIFMA have now both asked the SEC not to grant regulatory relief to PFM, one of the largest municipal advisors in the business.