Law and regulation

The Securities Exchange Commission’s regulatory and enforcement workload may be slowed or stalled now that it is down to only two commissioners, one Democrat and one Republican, said observers.

The Municipal Securities Rulemaking Board is asking the Securities and Exchange Commission to approve its proposal for a standalone minimum denomination rule that would slightly revise past proposed requirements and is designed to help liquidity and respond to concerns from dealers.

The Municipal Securities Rulemaking Board on Tuesday announced it will hire Simon Wu, a director with Berkeley Research Group here, to be its chief economist starting on Feb. 6.

Seven municipal bond groups are urging the Municipal Securities Rulemaking Board to improve the accessibility and usefulness of its Electronic Municipal Market Access (EMMA) platform for market participants.

The Securities and Exchange Commission is asking a federal court judge to deny former Miami budget director Michael Boudreaux’s motion to vacate a verdict that found him guilty of securities fraud, saying the former official’s arguments are meritless and do not meet the high burden required for such action.

The Securities and Exchange Commission has filed fraud charges and obtained an emergency asset freeze against a South Carolina businessman who allegedly siphoned funds raised from municipal bond investors that were meant to purchase or renovate senior housing facilities.

The Securities and Exchange Commission has approved proposed Municipal Securities Rulemaking Board changes to complaint processes for dealers and municipal advisors, saying they are consistent with the MSRB’s authority and do not overburden market participants.

The Municipal Securities Rulemaking Board will focus on strategic planning and will discuss continuing education for municipal advisors as well as continuing disclosure during its quarterly board meeting here next week.

Dougherty & Co. and its former employee Jeffrey Hill have agreed to $140,000 and $5,000 fines, respectively, to separately settle with the Financial Industry Regulatory Authority over charges that Hill recommended and initiated numerous unsuitable trades for two elderly customers.

Legislation designed to enhance the Securities and Exchange Commission’s cost-benefit analysis of new rules before approving them passed the House after drawing support from Republicans and some industry groups.