Law and regulation

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.

The National Association of State Treasurers said it is committed to defending existing tax policy on municipal bonds, even though doubts about the status of private activity bonds showed during the group's legislative conference.

The Senate Banking Committee voted 21-1 to recommend the full Senate confirm President Obama's nominee Mary Jo White as Securities and Exchange Commission chairman. Sen. Sherrod Brown, D-Ohio, cast the lone vote against her.

The Senate Banking Committee voted to recommend the full Senate approve the appointment of Mary Jo White as SEC chair.

Four firms agreed to pay $105,000 in fines for violations of pricing, political contribution, supervisory and other rules of the Municipal Securities Rulemaking Board.

Smaller banks and securities firms are urging the Municipal Securities Rulemaking Board not to shorten its current 15-minute trade reporting deadline or make changes to current trade reporting procedures.

Bond lawyers should report an issuer's failure to comply with its continuing disclosure agreement, no matter how late, because doing so no longer carries a stigma and "does not hurt the issuer's ability to sell the bonds," panel members said at the National Association of Bond Lawyers Tax and Securities Law Institute here.

Though sequestration prevented two federal regulators from sharing their perspectives, other panelists speaking to bond lawyers in San Francisco predicted more enforcement and whistleblower activity.

The Securities and Exchange Commission is still months away from finalizing its definition of municipal advisor, but is poised to step up muni bond enforcement efforts in general, the head of the SEC's Office of Municipal Securities told bond lawyers meeting here.

The recent settlement by Illinois with the Securities and Exchange Commission on charges of shoddy pension disclosure will lead to better disclosure overall and boost the credit of the entire municipal securities market, according to a report Moody's Investors Services released Friday.