Law and regulation

Ernesto Lanza, formerly a shareholder with the law firm Greenberg Traurig, joined the D.C. office of Clark Hill as a senior counsel in August.

The Securities and Exchange Commission’s settlements with 71 issuers announced on Wednesday under a voluntary continuing disclosure enforcement initiative showed “a widespread and pervasive problem” with continuing disclosure in the municipal bond market but have led to some improvements, the SEC’s enforcement chief said Wednesday.

A criminal case alleging two Ramapo, N.Y. officials misled investors and credit rating agencies in connection with municipal bonds would go to trial on Jan. 9 under the timeline the federal judge has put forth for the proceedings.

The Government Finance Officers Association is urging its members to write senators about the need to get companion legislation to a House bill that would classify investment-grade municipal securities as high quality liquid assets under a rule by written by bank regulators.

Dealers will have 10 calendar days to close out failed inter-dealer transactions now that the Securities and Exchange Commission has approved the Municipal Securities Rulemaking Board's amendments to one of its rules.

Municipal issuers are blasting the National Federation of Municipal Analysts' suggestion that Congress give the Securities and Exchange Commission new authority to regulate issuers' disclosures, calling it overly burdensome and ineffective.

Puerto Rico's addiction to debt is not unlike that of an abuser to alcohol or drugs, so perhaps it is time for Puerto Rico to undertake a 12-Step Program, aided by the new financial control board.

The National Federation of Municipal Analysts is suggesting that Congress should give the Securities and Exchange Commission direct regulatory authority over issuers as a way to improve disclosure in the municipal market.

The Securities and Exchange Commission's settlements with issuers under its continuing disclosure enforcement initiative will not impact specific rating determinations but will be an important component of analyzing an issuer's credit fundamentals, analysts from S&P Global Ratings said in a report on Monday.

The National Association of Bond Lawyers recently announced nominees for its board officers and directors that members will vote on at its annual meeting in Chicago on Oct. 19.

An attorney in California contends that the state treasurer erred by not allowing public comment prior to rolling out an anti-pay-to-play initiative.

Gates Capital Corp. agreed to pay a $22,500 fine after the Financial Industry Regulatory Authority found the firm violated transaction reporting standards mandated under Municipal Securities Rulemaking Board rules.

One former Kildare Capital employee has been banned from the market and another was hit with a $25,000 fine and 12-month ban after FINRA found that they artificially inflated interdealer prices for municipal securities through 25 round-trip transactions.

While dealer groups are pushing the Municipal Securities Rulemaking Board to place more restrictions on its proposal to share trade data with academics, researchers say the ones the MSRB has already floated threaten to render the data hard to use or even useless.

California Treasurer John Chiang's efforts to combat pay-to-play activities among local issuers received mixed reviews from municipal bond industry participants.

The Upper Mohawk Valley Regional Water Finance Authority received a green bond assessment of GB1 for $8.78 million of water system revenue bonds on Wednesday from Moody's Investors Service -- the first GBA the rating agency has issued in the U.S.

Five municipal market groups are asking the Securities and Exchange Commission for guidance that would help create a streamlined process for issuers to amend their continuing disclosure agreements without running afoul of Rule 15c2-12 on disclosure.

Republican presidential candidate Donald Trump on Monday described an economic plan that he said would create “the biggest tax revolution since the Reagan tax reform” and “cut regulations massively.”

A federal judge on Friday dismissed Securities and Exchange Commission charges against Peter Cannava, a banker involved in an ill-fated private placement for startup video game company 38 Studios.

The Securities and Exchange Commission is arguing that any court challenge to the constitutionality of revised Rule G-37 on political contributions can be made when an enforcement action is taken over a violation of the rule.