Law and regulation

The Municipal Securities Rulemaking Board has announced that its dealer markup rule will take effect on May 14, 2018.

The Financial Services Institute has joined three state Republican groups in urging federal appeals court judges to vacate changes to a pay-to-play rule that they say harms market participants’ First Amendment rights.

The Securities and Exchange Commission's Office of Municipal Securities may propose changes to Rule 15c2-12 that would amend the list of event notices dealers must ensure issuers are disclosing.

Robert Crowe, the alleged fundraising expert for a pay-to-play scheme that took place in 2010 and 2011, is fighting the SEC’s fraud charges against him in Ohio federal court.

The MSRB reminded dealers on Tuesday that they are required to tell investors when a muni has market discount.

Municipal advisors want the MSRB to take more time to consider how its proposed continuing education requirements for advisors would fit into the existing MA regulatory structure as well as provide details about how firms can best comply.

The median audit reporting time for all municipal bond-related sectors in fiscal year 2015 was the highest it has been since 2008, likely because of recent pension reporting rules.

Dealers are unhappy the Securities and Exchange Commission has approved the Municipal Securities Rulemaking Board’s proposal to require them to disclose their markups and markdowns to retail customers in certain transactions.

A banker who serves on issuer charitable groups and donates to them raises conflict of interest questions.

Securities and Exchange Commission chair Mary Jo White said in a speech on Friday that the municipal securities market is an example of an area where the commission has brought to bear its “bolder and more unrelenting approach to enforcement to change industry behavior.”

The Municipal Securities Rulemaking Board announced on Thursday that starting on Feb. 27, academic institutions will be able to request one-year data sets from a new data product that would identify dealers in some way without naming them.

The Securities and Exchange Commission’s whistleblower office fielded more allegations involving municipal securities and public pensions in fiscal year 2016 than ever before, according to a report the office sent to Congress about recent whistleblower activity.

As Rep. Devin Nunes joins the executive committee of Trump’s transition team, some state and local officials worry he will gain support for his controversial pension bill next year.

Republicans say if federal agencies don’t hold off on finalizing rules, they’ll face scrutiny and possible action by Congress.

Securities and Exchange Commission chair Mary Jo White on Tuesday said the numerous violations the commission's municipal continuing disclosure enforcement initiative uncovered may mean the SEC needs direct regulatory authority over issuers.

The Municipal Securities Rulemaking Board wants to amend its proposal to require dealers to disclose their markups and markdowns in certain transactions by lengthening its implementation timeline and clarifying provisions that market participants have criticized.

Issuers, borrowers, and MAs disagree that they violated state and local government series securities (SLGS) rules.

The heightened focus on disclosure in green bonds could inspire better disclosure practices in the larger municipal bond market, S&P Global Ratings said in a report this week.

Securities and Exchange Commission chair Mary Jo White announced today that she will leave her position at the end of the Obama administration.

Municipal market groups and other market participants are recommending that the Municipal Securities Rulemaking Board focus its future strategic priorities on improving its EMMA system and transparency as well as cost-benefit analyses of its rulemaking.