Law and regulation

Jessica Giroux has been promoted to general counsel of the Bond Dealers of America, assuming the number two position in the middle-market dealer group.

Robert Fippinger, senior counsel at Orrick, Herrington & Sutcliffe and a Municipal Securities Rulemaking Board director since 2010, plans to join the MSRB as its chief legal officer on March 3, the board announced. Michael Post has been promoted to general counsel for regulatory affairs.

Municipal advisors remain concerned about one of the key provisions of the Securities and Exchange Commission's municipal advisor registration rule, although communications between issuers and underwriters remain robust nearly eight months after the final effectiveness of the rule.

Leslie Carey Kirk has joined Siebert Brandford Shank & Co. Washington, D.C.'s office as general counsel for the firm.

The Financial Industry Regulatory Authority has fined two firms $370,000 for violating securities rules in their management of Puerto Rico funds, and dinged another firm $50,000 for violating trade reporting requirements.

Harvey J. Goldschmid, a former Securities and Exchange Commission member who played a key role in getting the American Bar Association to adopt an ethics rule to prevent municipal bond and other pay-to-play practices, died Feb. 12 at the age 74 from complications of pneumonia.

As 2015 begins, capital markets participants would do well to reflect on the lessons of recent Chapter 9 proceedings.

As regulators push for more disclosure of bank loans, there is confusion about the implications for and obligations of dealers, issuers, and municipal advisors.

The cost of complying with the Securities and Exchange Commission's MCDC initiative has been "staggering," an industry representative told the The Bond Buyer's Texas Public Finance Conference.

The suspension of the nation's debt limit expires March 15, with important implications for municipal issuers selling refunding debt during the next several weeks.

The National Federation of Municipal Analysts is preparing to push home its pro-disclosure message this year with a series of new educational papers and efforts to be even more collaborative, new NFMA board chair Jennifer Johnston said.

The Kentucky Legislature is considering a bill that would create a state-run retirement plan for private-sector workers. SIFMA opposes the measure.

The Securities and Exchange Commission's disclosure violation self-reporting program has highlighted that issuers and underwriters should take steps to strengthen their disclosure and due diligence procedures to protect themselves from SEC enforcement action, bond lawyers said Thursday.

The Republican parties of New York State and Tennessee will square off against the Securities and Exchange Commission in oral arguments in a federal court March 23 over rules restricting finance professionals from giving money to political candidates.

The Securities and Exchange Commission's requested fiscal year 2016 budget of $1.722 billion would allow the commission to hire hundreds of examination staff and step up enforcement, as well as help the muni office coordinate with self-regulators.

The Municipal Securities Rulemaking Board is preparing to submit a proposal limiting the gifts municipal advisors can give to state and local employees as well as a study guide for its MA qualifications exam to the Securities and Exchange Commission.

Jennifer Johnston, vice president and research analyst in the municipal bond department of Franklin Templeton Investments is the new chair of the National Federation of Municipal Analysts, the NFMA announced Monday.

All individuals engaging in municipal advisory activities should be required to take a new qualifications test, and regulators should consider developing more specialized and supplemental exams at a later time, the National Association of Municipal Advisors told the Securities and Exchange Commission this week.

The Municipal Securities Rulemaking Board is sounding another call for transparency of undisclosed debt such as bank loans, warning that failure to improve disclosure practices could impair market pricing or even threaten the rights of bondholders.

Two former Allen Park, Mich. officials have settled a Securities and Exchange Commission lawsuit against them by agreeing to be barred from involvement in any future municipal bond offerings, and ex-Mayor Gary Burtka agreed to pay a $10,000 civil penalty, according to court documents filed Wednesday.