SEC

The debate between buy-side analysts and issuers and their underwriters flared up during a panel discussion at The Bond Buyer's California Public Finance Conference.

Montebello Unified School District allegedly defrauded investors in the sale of $100 million in general obligation bonds.

The Municipal Securities Rulemaking Board doubled professional fees for municipal advisors last week.

A new legal bulletin was requested by SEC Chair Jay Clayton after he observed lawyers noting that some platforms put financial disclosure under more scrutiny.

At a bond lawyer conference, lawyers said they've seen increased interest in self-reporting.

“The City of Harvey, through no fault of Comer’s and unrelated to Comer’s fiduciary obligations, tainted the district’s offering,” according to the defense.

Rich Moore takes over the top spot at NABL during the first day of a three-day annual conference in Chicago.

This is the second letter BDA has sent to the SEC in the last couple of months opposing any kind of relief for muni advisors involved in private placements.

Some say a case announced yesterday echoed one last year where traders allegedly lied to get priority in their orders for newly-issued bonds.

Thomas Muldoon should properly have placed his orders as dealer stock orders, the SEC found, but instead asked representatives to submit them as retail orders.

“A highly sophisticated frequent issuer may not need the same disclosures as a less sophisticated infrequent issuer,” the trade association for underwriters told the 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.