Law and regulation

A recent study’s findings that the share of households holding municipal debt fell considerably over a 24-year period with a corresponding condensing of ownership in the hands of the wealthiest may lead to political questions related to muni debt, the study’s authors conclude.

The National Federation of Municipal Analysts wants issuers to improve their disclosures about statutory liens and how they could affect general obligation bonds following a slew of recent municipal bankruptcies where this was a key issue.

Federal Chapter 9 policy is ill-defined and fluid, a bankruptcy expert said at a municipal finance conference at the Brookings Institution in Washington.

In the past 3½ years, the Securities and Exchange Commission has asserted its enforcement role considerably, in what can fairly be described as a form of direct regulation of issuers.

The Securities and Exchange Commission is battling with Miami and former budget director Michael Boudreaux over whether they can defend themselves against securities fraud charges by saying they relied on advice from auditors.

The federal judge presiding over a Securities and Exchange Commission case charging the city of Miami and its former budget director with securities fraud concluded in a July 5 order that the bulk of the case could not be decided before trial

Three state Republican parties challenging the constitutionality of a revised Municipal Securities Rulemaking Board anti-pay-to-play rule are asking a federal circuit court to streamline the legal process by consolidating their two pending cases.

The Municipal Securities Rulemaking Board is asking the Securities and Exchange Commission to approve rule changes that would create a new academic trade product with anonymous dealer identifiers that has proved somewhat controversial.

President Obama signed the Puerto Rico relief bill Thursday, paving the way for the appointment of an oversight board and the first steps in what legislators and observers agree will be a long process of bolstering the commonwealth’s fiscal health.

The Senate is poised to pass the Puerto Rico rescue bill after clearing what many say was the final hurdle for the legislation on Wednesday morning, invoking cloture by a vote of 68 to 32.

Senate Majority Leader Mitch McConnell late Monday filed for cloture on the Puerto Rico rescue bill currently waiting for Senate consideration, setting up a procedural vote for as soon as Wednesday morning.

The Municipal Securities Rulemaking Board announced on Monday that its EMMA system now includes an economic calendar that gives visitors free access to dates and descriptions of upcoming macroeconomic developments that could impact the municipal market.

Treasury Secretary Jack Lew added to the pressure for quick passage of a Puerto Rico rescue bill in a letter to the Senate leadership on Monday, even as some public finance professionals maintain the bill is unnecessary and could be harmful for the commonwealth.

Rep. Randy Hultgren, R-Ill., plans to introduce legislation during the week of June 27 to clarify that the Securities and Exchange Commission’s Municipal Advisor Rule does not require municipal issuers to hire municipal advisors in order to issue bonds.

Dealer groups are urging the Municipal Securities Rulemaking Board to cut in half a proposed requirement that would mandate municipal securities transactions to be closed out within 20 days of settlement.

Ohio filed the first offering document for a potential new type of municipal fund security based on tax-advantaged savings accounts that help support individuals with disabilities, the Municipal Securities Rulemaking Board announced Tuesday.

The Securities and Exchange Commission has settled with a former Chicago charter school operator over charges that he negligently approved and signed a misleading official statement for a $37.5 million bond offering to build three charter schools.

As we await the final shoe to drop with regard to the SEC's MCDC initiative, the municipal market may be at a turning point in terms of disclosure.

Richards, Merrill & Peterson has agreed to pay a $45,000 penalty for trading below the minimum denomination and North Star Investment Services will pay $15,000 for municipal trade reporting failures under settlements with the Financial Industry Regulatory Authority.

The Municipal Securities Rulemaking Board is asking the Securities and Exchange Commission to approve a revised content outline for its permanent municipal advisor qualification exam that covers newly approved advisor rules.