SEC

The SEC won its case against Richard Ganci and Richard Tortora of Capital Markets Advisors over conflicts of interest present in their fee arrangement in connection to a $119 million offering for the City of Rochester, New York.

Representatives from the Securities and Exchange Commission gathered Tuesday to discuss some of their examination priorities and some of the trends they're seeing outside of exams.

The House Financial Services Subcommittee on Oversight and Investigations gathered in Tennessee on Monday to discuss the implications of the SEC's newly finalized climate rule.

While the SEC's cybersecurity rule does not apply to municipal issuers, there are a few points discussed in the Adopting Release that may be useful for municipal market participants. 

The new SEC climate rule does not apply directly to municipal issuers but they may very well be on the hook for violating SEC antifraud provisions if they don't disclose those risks defined in the new rules.

The denied motion will give Rochester MAs Richard Ganci and Richard Tortora of Capital Markets Advisors the opportunity to motion for summary judgment, giving the judge a chance to consider all of the evidence present in the case.

Dealer groups look forward to the upcoming meetings to discuss the future of Municipal Securities Rulemaking Board fees.

New MSRB Rule G-46 on the duties of solicitor municipal advisors goes into effect on March 1

The MSRB remains fully committed to its strategic goal of upholding public trust and looks forward to engaging with its stakeholders in the coming weeks.

The board has initiated a review of the annual rate card process.

Comments submitted to the SEC on the MSRB's amendments to Rule G-14 note how important exceptions for manual trades and limited trading activity are in the move to a one-minute reporting standard.

Speaking at the 2024 National Outlook Conference, MSRB chief executive officer noted the number of calls the MSRB has received since the suspension was announced.

The amendments add a new section to Rule G-12 to align with Exchange Act Rule 15c6-2.

The unexpected suspension raises immediate questions about transactions that have already occurred but have yet to close.

Brandon Comer and his firm Comer Capital Group have to pay the sum as part of a final judgment reached in federal court in Illinois.

The proposed amendments, which help to establish a residential supervisory location to help dealers better adapt to a post-COVID world, were approved at the MSRB's quarterly board meeting.

The SEC has settled charges against Aon Investments and in a separate action, a former executive of the firm for misleading the Pennsylvania Public Employees' Retirement System.

A letter co-sgned by Bond Dealers of America and the Securities Industry and Financial Markets Association urges the Municipal Securities Rulemaking Board to institute its 2024 rate card, for fear that reverting back to 2023 levels would be disruptive for dealers.

Capital Markets Advisors and its co-principals Richard Ganci and Richard Tortora are caught up in a legal back and forth with the SEC over how MSRB Rule G-42 on conflicts of interest applies to their case.

SEC Muni Office Chief Dave Sanchez gave issuer officials some updates on implementation of the transparency law.