Municipal disclosure

Lawmakers agreed to get bids for the state-owned utility, although a final decision on a sale won’t be made until 2020.

GFOA members said they were taken aback and in some cases upset about the tone of the National Federation of Municipal Analysts' letter to regulators.

The amended rules require dealers to disclose markups and markdowns as a total dollar amount and as a percentage of the prevailing market price to retail investors.

Though some dealers endured a technological headache, the year-old rules have improved transparency without disrupting trading, the MSRB said.

At the National Federation of Municipal Analysts’ annual meeting in Charleston, South Carolina, members asked the board to find ways to open up communications between investors and issuers.

At the National Federation of Municipal Analysts annual conference, panelists discussed the “elephant in the room” — myths about issuer disclosure.

Mary Francoeur of PFM Financial Advisors passed out the awards during the annual NFMA conference in Charleston, South Carolina.

The issuer launched a new investor relations website in advance of its bond sale Tuesday.

In a letter sent to the SEC and the Municipal Securities Rulemaking Board late last week, the group said lapses in issuer financial disclosures are unacceptable.

The Securities Industry and Financial Markets Association said to manually input the data would require more time and staff.

Mini-bond investors were damaged by the South Carolina-owned utility’s disclosure omissions, according to the suit.

Numbers showed 167 submissions for Rule 15c2-12's Event 15.

The new amendments to be filed to the Securities and Exchange Commission will give disclosure responsibility to the lead underwriter, meaning less duplicative disclosure for issuers.

The city moved up its bond notice and document postings in response to a BondLink report saying investors want more time to review deals.

The court shouldn't accept banker Peter Cannava's "narrow and cramped view of materiality,” the SEC urged.

Ahmed Abonamah, a senior counsel to the director in the SEC’s Office of Municipal Securities, told the National Muni Bond Summit SEC Chair Jay Clayton has concerns about the timeliness of issuers’ financial information disclosure.

Mid-size issuers may be experiencing the greatest impact, with one municipality even reporting that an underwriter withdrew a bid over a disclosure requirement.

Glitches in California's electronic financial system are delaying annual financial reporting documents, said Controller Betty Yee.

The MSRB plans to roll out changes to simplify the submission process on EMMA.

Blockchain could benefit the muni market, but receives pushback in an industry historically slow to change.