Law and regulation

Federal Regulators have been dropping in on non-dealer financial advisors for examinations that have sometimes lasted days, sources said Thursday.

The National Federation of Municipal Analysts said Wednesday they have filed an amicus curiae brief in California Superior Court in support of a lawsuit filed by insurer Syncora Guarantee over laws extinguishing redevelopment agencies in the state.

The Bond Dealers of America have hired Urban Swirski and Associates to advocate for the group's legislative and policy priorities, BDA announced Wednesday.

Mary Jo White has been sworn in as the new chair of the Securities and Exchange Commission, the SEC announced Wednesday.

The Securities and Exchange Commission's April 16 fixed-income markets roundtable will include regulators and representatives from most municipal market groups, the SEC announced Tuesday.

Contracts between dealer firms and public officials show that dealers are engaging in wordplay in an apparent attempt to avoid duties and restrictions placed on them by both federal statute and MSRB rulemaking.

Former U.S. Attorney Mary Jo White was unanimously confirmed by the Senate on Monday to serve as chairman of the Securities and Exchange Commission.

The Municipal Securities Rulemaking Board will hold an on-the-record briefing about municipal securities at a National Press Club luncheon on May 8 to attempt to educate a wider audience of journalists about the municipal market.

Iowa state auditor David Vaudt was named the next chairman of the Governmental Accounting Standards Board, succeeding current chairman Robert Attmore.

A federal judge dismissed the most damaging claims in a civil suit against banks accused of manipulating the London Interbank Offered Rate, but experts said it would not impact the market and will likely be appealed.

The Municipal Securities Rulemaking Board should focus its efforts on enhancing the EMMA system and streamlining and clarifying its rules, the Bond Dealers of America and the National Association of Bond Lawyers told MSRB.

The Municipal Securities Rulemaking Board received approval from the Securities and Exchange Commission to expand disclosures of contributions made by municipal securities dealers to bond ballot measure campaigns, the MSRB announced Monday.

The White House on Friday proposed a new "Rebuild America Partnership" program that would allow direct-pay American Fast Forward bonds to be used for any project that can currently be financed with tax-exempt private activity bonds.

The Securities and Exchange Commission on Thursday announced the topics it plans to cover during its April 16 Roundtable on Fixed Income Markets, with two of the four panels to focus on municipal securities.

The Securities Industry and Financial Markets Association has issued a best practice paper recommending that underwriters disclose in official statements when issuers designate firms to serve as underwriter's counsel.

Municipal market participants said Tuesday that while they appreciate the Municipal Securities Rulemaking Board’s attempt to clarify underwriter disclosure requirements under its fair dealing rule, more guidance is needed before the rule can fulfill its intended purpose.

The Municipal Securities Rulemaking Board has released guidance in response to confusion about underwriters' disclosures to issuers required under its fair dealing rule.

One treasurer on Friday worried that the Securities and Exchange Commission is planning to examine most state pension disclosures in bond documents, while another said small issuers want more guidance for competitive bond sales.