Law and regulation

Oregon's Municipal Debt Advisory Commission Task Force will gather information about new categories of debt incurred by local governments, including bank loans and lines of credit.

The Municipal Securities Rulemaking Board had $69.52 million of net assets at the end of September, nearly triple the $25.94 million it had five years ago, according to MSRB financial documents.

Public pension fund advisors are among a handful of new examination priorities for the Securities and Exchange Commission in 2016.

The Municipal Securities Rulemaking Board is seeking comment on a proposal it says would lessen the effect of interdealer transaction failures on the municipal market while providing needed changes to an outdated rule.

A group of lawyers is urging tax regulators to make some revisions and clarifications to proposed issue price rules to avoid confusion and make the rules more workable.

Most states will be able to issue more private-activity bonds in 2016.

The Municipal Securities Rulemaking Board is seeking applicants to replace seven board members whose terms will end Sept. 30 and has emphasized its interest in applicants to represent investors.

Municipal market groups are ready to band together in 2016 to show the Securities and Exchange Commission that they can improve disclosure practices without increased regulation, even as the commission is set to continue publishing settlements with underwriters and issuers who have failed to comply with their continuing disclosure obligations.

Municipal market participants will once again see an active year for enforcement in 2016 as the Securities and Exchange Commission's self-reporting initiative largely wraps up and the enforcement division mixes a continued focus on pricing and market structure actions with potential new areas for enforcement like municipal advisors and bank loans.

The Securities and Exchange Commission has approved the Municipal Securities Rulemaking Board's core conduct rule for municipal advisors, despite its controversial ban on principal transactions.

The Municipal Securities Rulemaking Board filed proposed rule changes with the Securities and Exchange Commission on Wednesday to extend its political contributions rule to non-dealer municipal advisors and MAs soliciting business for dealers, advisors or investment advisors.

Dealer groups want the Municipal Securities Rulemaking Board and Financial Industry Regulatory Authority to adopt the same approach, but one that is less costly and burdensome, for requiring dealers acting as principals to disclose to retail customers the markups and markdowns on muni trades.

Rep. Luke Messer, R-Ind., and local finance officers plan to continue to push a bill that would treat investment grade and actively traded municipal securities as high quality liquid assets under a bank liquidity rule adopted by bank regulators in 2014.

Municipal market groups are generally supporting a Municipal Securities Rulemaking Board proposal to speed up settlements of muni transactions to two from three days.

Members of the Government Finance Officers Association raised concerns with the Securities and Exchange Commission's proposed rule changes that would require open-end mutual funds and exchange traded funds to take steps to manage liquidity risks so they could handle redemptions during periods of financial stress.

Fifteen organizations are urging members of the House of Representatives to vote on a proposed bill that would treat investment grade and actively traded municipal securities as high quality liquid assets under a bank liquidity rule adopted by bank regulators in September of last year.

Two dealer groups are urging the Securities and Exchange Commission to disapprove the Municipal Securities Rulemaking Board’s proposed municipal advisor core conduct rule, despite an amendment that would provide an exception to the rule’s controversial principal transaction ban.

Three muni regulators and enforcement agencies are opening registration for a free compliance outreach program for municipal advisors that they plan to hold in Philadelphia on Wednesday, Feb 3, 2016.

Bond Dealers of America plans to move its offices to K Street here on Dec. 7 to have more space in which to grow and to continue to enhance its lobbying efforts.

The Municipal Securities Rulemaking Board on Monday announced seven members of an investor advisory group designed to give its board of directors additional expertise on investor protection issues.