Law and regulation

Issuers can take advantage of the independent municipal advisor exemption in order to get the advice of underwriters and other professionals who would otherwise be unable to offer it, according to a paper the Government Finance Officers Association has published about the Securities and Exchange Commission's final MA registration rule.

The Securities Industry and Financial Markets Association is recognizing Christopher Hamel, managing director and head of the municipal finance group at RBC Capital Markets, for his contributions to the municipal securities industry.

The American Bankers Association has issued guidance designed to help members determine if they need to register as municipal advisors under the Securities and Exchange Commission's registration rule.

WASHINGTON — The Securities and Exchange Commission filed motions arguing it met the burden of proof necessary to move forward with securities fraud allegations against Miami and its former budget director.

The Securities and Exchange Commission's municipal advisor registration rule will appear in the Federal Register Nov. 12, starting the 60-day countdown until it becomes effective Jan. 13.

The Securities and Exchange Commission Friday announced that LeeAnn Gaunt will lead its enforcement division's municipal securities and public pensions unit, replacing Elaine Greenberg, who left to join a law firm.

The SEC's enforcement action against participants in the Regional Events Center Public Facilities District's arena deal shows that the commission will not shy from seeking financial penalties against municipal issuers and transaction participants, market participants said.

In response to a recent commentary on the Securities and Exchange Commission's approval of a final rule defining municipal advisors, SIFMA agrees with Ms. Rodgers Caruso on an important point.

Rep. Randy Hultgren, R-Ill., a member of the U.S. House Financial Services Committee, is “making municipal finance a priority” and is holding a roundtable on municipal finance and the municipal bond market Thursday at the University of Illinois at Chicago, an aide said.

Securities and Exchange Commission chairman Mary Jo White said Wednesday that a 2012 risk alert on whether underwriters are doing enough to ensure the accuracy of offering documents is an example of how behind-the-scenes SEC action protects investors.

The Greater Wenatchee, Wash., Regional Events Center Public Facilities District has agreed to pay $20,000 — the first financial penalty the SEC has assessed against a municipal bond issuer — to settle Securities and Exchange Commission charges that it misled investors of bonds used to finance the construction of an events center and ice hockey arena.

The Municipal Securities Rulemaking Board announced Monday that it has begun a multi-year campaign to expand outreach to state and local issuers, emphasizing how they can use the MSRB's EMMA website for disclosure compliance and education.

Dealer groups are telling the Municipal Securities Rulemaking Board that they worry too much pricing data will confuse investors and hurt the secondary market.

Groups active in the municipal market are urging federal agencies to exempt tender option bonds and nonprofit and state agency student loan organizations from risk retention rules imposed by the Dodd-Frank Act.

Miami and its former budget director Michael Boudreaux are urging a federal district court to dismiss the securities fraud charges the Securities and Exchange Commmision filed against them in July for disclosure failures.

The Municipal Securities Rulemaking Board is prioritizing a best execution rule for the municipal market, and also decided rules governing municipal advisors, beginning with a fiduciary duty rule.

Jay Goldstone, former Municipal Securities Rulemaking Board chair, was hired as a managing director in the Public Finance Group of the Bank of Tokyo-Mitsubishi UFJ.

NAIPFA supports the practical, common-sense approach taken by the SEC and its office of municipal securities in writing its final municipal advisor rules, and believes that they will directly benefit the interests of issuers by creating a more robust, fair, competitive and transparent municipal market.

Federal regulators should employ different approaches to different financial markets in implementing the Volcker Rule, according to a report issued by the Bipartisan Policy Center.

About 2,899 issues of Build America Bonds totaling $184.95 billion were issued in 2009 and 2010, according to statistics collected by the Internal Revenue Service, some of which were recently released.