Law and regulation

President Obama has nominated Hester Maria Peirce to become a Securities and Exchange Commission member for a five-year term ending on June 5, 2021, in addition to serving the remainder of former Commissioner Daniel Gallagher’s term through June 6 of next year.

The Financial Industry Regulatory Authority has ordered R.M. Duncan Securities, its president and chief executive officer, and a broker to pay a combined $166,000 for selling defaulted municipal securities from their own accounts to seniors at unreasonably high prices and for not maintaining adequate supervisory procedures.

Kym Arnone has joined Jefferies LLC to jointly head its municipal investment banking business with Neil Flanagan as part of an effort to expand the firm’s municipal securities business.

In a first-of-a-kind action, the Municipal Securities Rulemaking Board released a compliance advisory for municipal advisors on Thursday to help them understand and implement new regulations.

Patrick Sweeney, Fidelity Capital Markets' senior vice president and manager of the municipal securities department, joined the Municipal Securities Rulemaking Board Thursday, replacing Edward Tishelman, who left TD Securities.

Recent MCDC settlements provide guidance concerning the scope of materiality in continuing disclosure obligations.

The Municipal Securities Rulemaking Board is proposing amendments to move the municipal securities industry to a T+2 settlement cycle instead of the current T+3 in the wake of continued calls from across the securities industry and support from regulatory officials.

The SEC recently approved a new set of rules that would likely alter the behavior of one of the municipal bond market's largest, and one of the most influential, investor segments of the industry — mutual funds. Surprisingly, the industry appears not to be considering its full implications outside of a few closed circles.

The Municipal Securities Rulemaking Board is proposing a limited exception to the controversial principal transaction ban in its proposed municipal advisor core conduct rule.

The Securities and Exchange Commission has approved a rule from the Municipal Securities Rulemaking Board that addresses potential conflicts of interest by restricting the gifts and non-cash benefits that non-dealer municipal advisors can give to issuers and others in their professional capacities.

Rep. Nydia Velazquez, D- N.Y., introduced a bill Wednesday that would substantially increase hedge fund reporting requirements in response to ongoing concerns about hedge funds' role in Puerto Rico's financial crisis.

The House Financial Services Committee approved a bipartisan bill by voice vote on Tuesday that would treat investment grade and actively traded municipal securities as high quality liquid assets under a bank liquidity rule adopted by banking regulators in September of last year.

The Municipal Securities Rulemaking Board filed a rule with the Securities and Exchange Commission on Tuesday that would require certain brokers, dealers and municipal advisors registered with the MSRB to participate in its business continuity and disaster recovery testing.

The Administration has concluded that, as part of a comprehensive approach to Puerto Rico's crisis, a tested federal bankruptcy regime is necessary.

Financial Industry Regulatory Authority chairman and chief executive officer Richard Ketchum announced Friday he will retire in the second half of 2016.

The Municipal Securities Rulemaking Board answered dealer questions and provided guidance on its proposal to require dealers acting to disclose markups and markdowns.

Justin Underwood will join Bond Dealers of America on Nov. 16 as federal policy advisor.

The Government Finance Officers Association's executive board recently approved two updated disclosure best practice documents designed to help issuers meet their bond-related disclosure requirements while considering the possibilities of website-based and voluntary disclosures.

The Municipal Securities Rulemaking Board may be able to publish guidance on its best execution rule as early as next month, MSRB officials said Monday.

Rating agencies are continuing to treat municipal issuers unfairly even though federal law required that practice to stop, former California Treasurer Bill Lockyer said.