Law and regulation

The National Federation of Municipal Analysts is urging the Securities and Exchange Commission to approve rule changes on standards for the Municipal Securities Rulemaking Board, saying they will increase investor representation on the board.

Several state and local groups have filed a comment letter with the Securities and Exchange Commission urging the SEC not to adopt a money market fund reform proposal which would of require a floating net asset value instead of the current $1 per share fixed value.

The Financial Industry Regulatory Authority announced Thursday that it has fined Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. LLC $1 million and ordered the company to pay $188,000 in restitution plus interest for violations of municipal and corporate bond rules.

The Municipal Securities Rulemaking board has released new guidance for issuers in deciding when to hire and how to compensate municipal advisors.

The Municipal Securities Rulemaking Board is proposing to consolidate into a revised Rule A-12 and form its existing requirements, along with some changes, for registration of broker-dealers and municipal advisors.

The Financial Industry Regulatory Authority fined four firms and two individuals a total of $270,000 for violations of municipal securities rules, FINRA announced this month.

Detroit's Chapter 9 filing may be "a game changer" that resolves controversial issues that have not been dealt with in prior cases, according to paper on muni defaults from the Bond Dealers of America.

Michael Piwowar has officially joined joined the Securities and Exchange Commission after taking the oath as its newest commissioner Thursday.

Officials overseeing bankrupt JeffCo get a lesson in "disclosure responsibilities" from disclosure expert John McNally, a partner at Hawkins, Delafield, & Wood.

Issuers, non-dealer municipal advisors, and financial reform advocates are upset that the Municipal Securities Rulemaking Board' "public members" continue to have close ties to dealer firms, complaining this undermines the Dodd-Frank Act intent that the board be majority public.

Seeking to avoid the implementation of further continuing disclosure regulations, the National Association of State Auditors, Comptrollers, and Treasurers has released new best practices urging state governments to voluntarily disclose nearly all financial and economic data.

The National Association of Bond Lawyers has announced a slate of officer and director nominees the group will vote on at NABL's annual meeting Sept. 25 in Chicago.

The Municipal Securities Rulemaking Board has released a continuing disclosure guide providing issuers with a road map of their obligations under MSRB rules, citing a slew of recent federal enforcement actions in which issuers sometimes failed to file the required information.

Kara Stein took her oath as the newest member of the Securities and Exchange Commission Friday, bringing to a close the SEC career of Elisse Walter.

The Bond Dealers of America will issue a report on municipal bankruptcy in the wake of Detroit's filing last month, and will also release a best execution proposal for the municipal market, the group's leaders recently said.

The Municipal Securities Rulemaking Board has for the first time has made public its policy on interpretive guidance, an action the MSRB said is consistent with its focus on regulatory clarity and efficiency.

The Municipal Securities Rulemaking Board is close to releasing a notice aimed at helping issuers avoid a "disclosure vacuum" similar to the one that brought federal enforcement actions down on Harrisburg, Pa. earlier this year.

The Municipal Securities Rulemaking Board is seeking input from municipal market participants on whether it should require broker-dealers to seek "best execution" of customer orders for municipal securities and how this concept can best be applied to munis.

The Securities and Exchange Commission on Tuesday charged UBS Securities with violating securities laws while structuring and marketing a collateralized debt obligation by failing to disclose that it retained $23.6 million in upfront cash it received in the course of acquiring collateral for the CDO.

Elisse Walter is leaving the Securities and Exchange Commission, but the commissioner and former chairman who worked to shed more light on the municipal market is confident her colleagues will carry on the push for increased transparency when she leaves after five years.