Law and regulation

The Financial Industry Regulatory Authority has fined three firms and an individual for municipal rule violations, including for a precedent-setting case of improperly seeking reimbursement from issuers for excessive expenses on bond rating trips.

Senate Finance Committee chairman Ron Wyden, D-Ore. was elected to chair the Joint Committee on Taxation for the remainder of the 113th Congress.

Citi is urging bank regulators to treat most municipal securities as high quality liquid assets in a banking rule proposed to ensure banks are equipped to handle severe financial and economic stress.

Tender option bond market participants have two options available to keep those programs viable under the Volcker Rule, though neither is without risk or likely to please everybody with an interest in TOBs.

Rep. Dave Camp's draft tax reform plan, which is advertised as revenue-neutral, would actually substantially reduce revenues and increase the budget deficit after 10 years, the former counsel of a tax-writing committee said at hearing on Tuesday.

The Securities Industry and Financial Markets Association has released model documents designed to help its members comply with the municipal advisor registration rule, which takes effect on July 1.

Twenty-two U.S. senators are urging Securities and Exchange Commission Chairman Mary Jo White to make sure municipal money market funds are exempted from proposed reforms, warning they will hurt state and local governments.

Three convicted bid-riggers filed documents with a federal appeals court this week arguing that their convictions should be overturned because of several errors by the lower court.

Two lawyers in the Securities and Exchange Commission's Office of Municipal Securities have been promoted, the SEC announced Wednesday.

Small financial advisory firms face the most challenges adapting to the new rules and regulations governing municipal advisors, with some predicting that many of the smallest MAs will go out of business.

Securities and Exchange Commission municipal securities chief John Cross on Friday tried to allay the fears of bond lawyers, who continue to have many technical questions about the SEC's new municipal advisor rule.

FirstSouthwest vice chairman Michael Bartolotta has taken over the chairmanship of the Securities Industry and Financial Markets Association’s municipal securities division.

For yet another year, uncertainty surrounding the potential loss or cap of the municipal tax exemption concerned panelists at the National Municipal Bond Summit.

The Securities and Exchange Commission's new program to encourage self-reporting of a specific continuing disclosure violation is facing some skepticism from bond lawyers even as one SEC attorney said it may eventually be expanded to cover other violations.

Dozens of dealer sales of Puerto Rico bonds to customers that violated the $100,000 minimum denomination requirement, and were then cancelled, have been erased from EMMA or altered as if they never occurred.

Non-dealer financial advisors are warning the Municipal Securities Rulemaking Board's proposed new best execution rule may conflict with the MSRB’s existing fair-dealing rule. Both they and dealers are seeking clarifications on what the rule would require dealers to do.

The Government Finance Officers Association has adopted revised best practices to adjust for municipal advisor regulation that takes effect July 1.

FINRA is examining allegations that broker-dealers violated bond documents and municipal rules by trading bonds from Puerto Rico's recent $3.5 billion general obligation deal to customers in sizes less than the required $100,000 minimum denomination.

The sentencing dates for convicted bid riggers Brian Zwerner, Douglas Goldberg, and Daniel Naeh have been delayed again.

Attorneys opposed to new municipal advisor regulation warned state treasurers this week that the new regime will end productive relationships with investment bankers and hurt issuers financially.