SEC

The SEC's muni office chief stopped short of saying there might be enforcement imminent.

The comments come after SEC asked for feedback on the collection of information in Rule 15c2-12.

The Proposed Joint Rules leave many questions unanswered regarding the FDTA's ultimate impact on the municipal securities industry.

Panelists at the SEC, FINRA and MSRB joint Compliance Outreach Program looked at the state of municipal advisor regulation and how the Commission could respond going forward.

The focus: municipal advisors — part of your regulatory responsibilities and duties (if you don't agree to evaluate pricing and/or structure, you must expressly disclose it to the client) and broker-dealers (fair dealing). 

The increase in the muni market's size, number of novel credits and retail investors suggest it's "finally time" for direct SEC regulation, argue market veterans Kent Hiteshew and David Dubrow.

Municipal advisor Hamlin Capital Advisors and Michael Ferrell Braun have been charged by the SEC for failing to disclose material conflicts of interest to its charter school clients.

Market participants warned of the law's potential harm to a market that's famously bespoke and self-regulated.

The Securities and Exchange Commission has charged Alliance Global Partners with publishing daily quotes at above market prices on between 4,300 and 6,500 different municipal bonds over a two-year period.

In FY 2025, the Securities and Exchange Commission's Examination Division will be closely monitoring for compliance with MSRB Rule G-42 on the core standards of municipal advisors, in addition to enforcing the T+1 settlement cycle.

The city faces no monetary penalty or monitorship in the final judgment in what those involved are calling an unprecedented move for SEC litigation.

The SEC has charged Thrivent Investment Management for failing to comply with Regulation Best Interest's care and compliance obligation in connection with recommendations to retail investors in 529 Savings Plans.

The U.S. District Court for the Southern District of California entered a final judgment against Matthias O'Meara and Choice Advisors, fining them $312,572 and $187,337, respectively.

The Commission approved changes to MSRB Rule G-14 on customer transaction reporting, paving the way for dealers and stakeholders to work with the MSRB to establish a reasonable path forward.

"It's great people are thinking about creative solutions, but don't forget the rules still apply," said the SEC's Dave Sanchez.

The commission charged the municipal advisors $1.3 million in penalties due to recordkeeping failures stemming from use of unmonitored communications, such as text messages, to conduct business.

The agencies are overstepping their statutory authority in trying to force the market to adopt a new securities identifier, says the American Bankers Association.

The House Financial Services Committee held a hearing Tuesday examining the practices of proxy advisors and their relationship with ESG investing.

Tensquare and its partner Karl Jentoft were charged for acting as an unregistered municipal advisor in eight offerings for charter schools in Minnesota.

The state's year-old rules ban broker-dealers and investment advisors from using non-financial criteria in investment strategies.