Municipal advisors

The Treasury Department Inspector General for Tax Administration plans to audit the IRS' use of a much-feared enforcement tool under which it can impose penalties for the misconduct of municipal bond transaction participants such as underwriters, lawyers, municipal advisors or their firms.

A muni advisor facing an enforcement action could use a Supreme Court decision on gambling as a defense, a bond lawyer says.

The MSRB needs to better explain the mock advertisements in its compliance resource, a pair of industry groups told the board this week.

The MSRB, SEC, and FINRA will host an outreach event early next year as muni advisors prepare for a new principal exam among other requirements.

Key SEC officials responsible for muni rulemaking and enforcement said they don't feel disclosure has been adversely impacted due to fears stoked by the Municipalities Continuing Disclosure Initiative.

SIFMA is publishing a new model document that it says should help underwriters avoid regulatory risk.

Municipal advisors may be subject simultaneously to conflicts of interest that should be fully disclosed under both federal and state law.

A Carlsbad, Calif.-based San Diego-based firm, Eric Hall & Associates, is accused of being unregistered when it served as municipal advisor to a school district.

A pilot program for the new Series 54 exam should be available early next year, the MSRB announced.

The MSRB's guidance on social media use by muni advisors under its new advertising rule could use some work, market participants said.