Law and regulation

Municipal issuers took an average of 202 calendar days after the end of their fiscal years to disclose audited financial statements, the Municipal Securities Rulemaking Board found in its first ever report on the timing of disclosures.

Dealer groups are urging the Municipal Securities Rulemaking Board to use restraint in developing a best execution rule for the municipal market, warning that a "trade-by-trade" mandate is not feasible and pushing for their own alternative standard.

A federal judge has issued an order for mediation between the City of Miami, Fla. and the Securities and Exchange Commission, a step the SEC said is required for its securities fraud case against the city and its former budget director.

The Municipal Securities Rulemaking Board has withdrawn its proposal to loosen the standard of independence for public board members, citing "unexpected opposition."

Broker-dealer practices may change under the Securities and Exchange Commission’s new municipal advisor registration rule, as the rule encourages firms to establish underwriting relationships with issuers early in order to be exempt from registration.

The Treasury Department's current suspension of state and local government series securities, which started on May 17, is the longest in 17 years, the Pew Charitable Trusts said in paper released Thursday.

The Federal government shutdown will leave most agencies overseeing the bond market mostly operational in the near-term, but the municipal advisor rule’s implementation will be delayed and issuers are worried that Build America Bond payments might be cut off or delayed.

The Municipal Securities Rulemaking Board has seated its new board of directors and named municipal advisor regulations as its top priority for the 2014 fiscal year, MSRB announced Tuesday.

The Securities and Exchange Commission has approved the Municipal Securities Rulemaking Board's proposed rule changes for retail order periods, despite complaints from dealer groups that they will be burdensome and costly.

A new study shows that state and local governments continued to complete their annual financial disclosures at a slow pace of nearly six months after the close of the fiscal year, a longstanding industry complaint that is getting increased attention in the wake of high-profile distress in Detroit and Harrisburg.

Municipal finance industry professionals discussed the importance and process of continuing disclosure practices during The Bond Buyer's California Public Finance Conference.

Should municipal bond issuers be discouraged from disclosing voluntary settlements of tax disputes with the Internal Revenue Service, for fear the SEC will notice the disclosures and then take enforcement action against the issuer for securities fraud violations?

The Municipal Securities Rulemaking Board has announced a policy for formally incorporating economic analysis in its regulations.

Elaine Greenberg, former chief of the Securities and Exchange Commission’s municipal securities and public pension unit, made her private-sector speaking debut after joining Orrick.

Bond lawyers are worried that exemptions from registration under the Securities and Exchange Commission's municipal advisor rule might not protect long-established practices by themselves and their underwriter clients.

Broker-dealers are concerned about the exemptions provided for underwriters in the Securities and Exchange Commission's municipal advisor registration rule, saying it hampers their ability to "pitch ideas" to issuers.

The National Association of Bond Lawyers is working on projects aimed at shedding more light on the varying strength of general obligation bond pledges, as well post-issuance tax and disclosure compliance, NABL president-elect Allen Robertson said in a recent interview.

The Municipal Securities Rulemaking Board’s proposed rule changes on retail order periods would be burdensome, costly and would result in unintended adverse consequences for dealers and issuers, the Securities Industry and Financial Markets Association warned on Monday.

Elaine Greenberg, former chief of the Securities and Exchange Commission's municipal securities and public pensions enforcement unit, has joined the Orrick, Herrington & Sutcliffe LLP's office here, the firm announced Monday.

The Municipal Securities Rulemaking Board has filed a proposal with the Securities and Exchange Commission that would prohibit, with a few exceptions, broker-dealers from providing consent to issuer requests to change bond authorizing documents.