Law and regulation

Rep. Jeb Hensarling, R-Tex., plans to introduce an alternative to the Dodd-Frank Act that would, among other things, stop the Municipal Securities Rulemaking Board from receiving some of the muni rule enforcement fines collected by regulators and repeal the Volcker Rule.

Lawyers with Orrick, Herrington & Sutcliffe are concerned about a ruling by a federal appeals court last week that found a constitutional challenge to the Securities and Exchange Commission's use of administrative proceedings to impose penalties in enforcement cases could not move forward until the proceedings end.

States like Colorado will continue to forego revenue, as well as the opportunity to borrow against that revenue in the bond market, until the cannabis industry gains access to the banking system.

The Securities and Exchange Commission and Miami have each asked a federal judge in Florida to rule in their favor before a trial can be held over the SEC’s fraud charges against the city and a former city official.

Municipal advisor professionals who have not already passed the Municipal Securities Rulemaking Board’s pilot qualification exam will have one year from Sept. 12 to pass the permanent exam, the self-regulator announced on Tuesday.

Muni market groups are resoundingly saying "no" to the Municipal Securities Rulemaking Board's question of whether it should require municipal advisors to disclose information about their issuer clients' bank loans or privately placed municipal securities.

Dealer groups are asking the Municipal Securities Rulemaking Board for more flexibility with exceptions to its rule preventing dealers from buying or selling bonds below issuers’ prescribed minimum denominations.

Market participants need to continue working toward broad disclosure of bank loans, possibly by amending the Securities and Exchange Commission’s disclosure rule to classify the loans as material events for issuers.

Issuers vented their frustrations about the complicated nature of voluntary bank loan disclosure in the municipal market to the Municipal Securities Rulemaking Board chair at the annual GFOA debt committee meeting.

The credit crisis in Puerto Rico may give Congress an opportunity to pass legislation that would allow direct regulation of state and local issuers, municipal market participants said Saturday.

The Securities Industry and Financial Markets Association has released four model documents designed to help municipal advisors as they work to come into compliance with the Municipal Securities Rulemaking Board’s rule outlining the core duties for Mas.

The Government Finance Officers Association is the latest group to cry foul over the Internal Revenue Service and Treasury Department’s proposed political subdivision rules, and called on the IRS to withdraw the proposal.

The Senate Committee on Banking, Housing, and Urban Affairs has recommended that the full Senate approve President Obama’s two nominees for the Securities and Exchange Commission.

The mayor of Harvey, Ill. has agreed to pay $10,000 and to never participate in a municipal bond offering again in order to settle charges with the Securities and Exchange Commission that he helped the city mislead bond investors by diverting proceeds from projects for which they were intended.

The Financial Industry Regulatory Authority has filed a complaint against Phoenix-based Lawson Financial Corp. and the firm's president and chief executive officer, charging them with securities fraud in connection with the sale of millions of dollars of municipal revenue bonds to customers.

The Municipal Securities Rulemaking Board has tapped Susan Collet to become head of legislative affairs, overseeing its congressional and federal government activities.

Three state Republican parties are challenging the constitutionality of a revised Municipal Securities Rulemaking Board rule designed to prevent municipal advisors as well as dealers from engaging in pay-to-play practices. The revised rule was approved by the Securities and Exchange Commission in February.

Municipal bond market participants may agree that bank loan disclosure falls short but there's little consensus about how to improve it amid heightened regulatory scrutiny.

Merrill Lynch, Pierce, Fenner & Smith, a subsidiary of Bank of America, was ordered to pay $422,708 in fines and restitution by the Financial Industry Regulatory Authority for charging customers excessive markups and markdowns on municipal securities.

Our legislation would preserve money market funds as a source of liquidity and capital for public the infrastructure needs of our citizens.