Law and regulation

The Securities Industry and Financial Markets Association is urging the Securities and Exchange Commission not to approve the Municipal Securities Rulemaking Board's proposed fair-pricing rule, arguing it is too intertwined with another pending rule.

A federal judge has ordered seven defendants to disgorge millions in ill-gotten gains and imposed other administrative penalties stemming from a pay-to-play case involving the New York State Common Retirement Fund.

Bankers and dealers told the Municipal Securities Rulemaking Board that a blanket ban on principal transactions by firms acting as municipal advisors is unworkable, but non-dealer MAs disagreed in comments filed Monday.

The sentencing of municipal bond bid-rigger David Rubin has been postponed to 3:30 p.m. March 12.

Securities and Exchange Commission member Michael Piwowar has asked the staff of the Office of Municipal Securities to give him some proposals that he can push through the SEC to improve price transparency in the municipal market.

The Municipal Securities Rulemaking board has increased the fees it charges for several of its data subscription products and services.

Rep. Dave Camp's tax reform proposal would provide some additional revenue stability to the beleaguered island, and the controversial discussion draft is welcomed by the commonwealth's representative in Congress and others working to advance the territory's interests.

The Securities and Exchange Commission has approved the Municipal Securities Rulemaking Board's proposal to consolidate its multiple registration requirements and forms for municipal securities dealers and municipal advisors.

Justice Department lawyers have filed new documents to support their argument that convicted bid-rigger David Rubin should face a stiff penalty for his crimes because the kickbacks he received as part of the scheme caused real loss to municipal issuers.

Municipal market trades increased for the first time in three years in 2013, driven by retail-sized transactions, according to the annual fact book the Municipal Securities Rulemaking Board.

The Municipal Securities Rulemaking Board has proposed a supervision rule for municipal advisors that would subject all MAs to an oversight responsibility similar to what dealers and dealer-affiliated advisors have under existing rules.

The Securities and Exchange Commission has approved a new rule that will require underwriters of 529 college savings plans to submit more in-depth financial information to the Municipal Securities Rulemaking Board twice a year.

The National Federation of Municipal Analysts will ramp up its education efforts on disclosure this year by publishing guidance on general obligation bonds and new issue disclosure, NFMA chair Susan Dushock said.

Dealer groups are unsure whether the Municipal Securities Rulemaking Board's proposed best execution rule is tailored enough for the municipal market, but are pleased it would exempt sophisticated professionals.

The Municipal Securities Rulemaking Board has proposed a best execution rule, a step recommended by the Securities and Exchange Commission that has been mostly resisted by dealers who have warned such a rule would be tough to implement in the muni market.

Standard & Poor's is urging municipal bond issuers to fully disclose their bank loans and other alternative financings, warning these potentially carry considerable credit risk.

Seven firms have been ordered to pay a total of $68,500 in fines and $16,088 in restitution for municipal trade, disclosure, pricing and supervisory violations, according to the Financial Industry Regulatory Authority's monthly disciplinary actions released Tuesday.

The Financial Industry Regulatory Authority has received dozens of filings for arbitration investors who say they were harmed by unsuitable advice doled out by UBS Financial Services of Puerto Rico when the market for the commonwealth's bonds declined.

Former Bank of America executive Phillip Murphy pleaded guilt Monday in a North Carolina federal court to rigging municipal bond investment bids, while convicted bid-rigger Mark Zaino's sentencing has been delayed yet again in New York.

The Securities and Exchange Commission is examining the extent to which dealers using alternative trading systems and broker's brokers are engaged in anti-competitive practices such as blocking or filtering out competitors from being able to bid on their municipal securities.