Municipal disclosure

The NFMA has floated best disclosure practices for public power agencies that ask for more data on climate and resiliency goals.

The increase in the muni market's size, number of novel credits and retail investors suggest it's "finally time" for direct SEC regulation, argue market veterans Kent Hiteshew and David Dubrow.

Market participants warned of the law's potential harm to a market that's famously bespoke and self-regulated.

The city faces no monetary penalty or monitorship in the final judgment in what those involved are calling an unprecedented move for SEC litigation.

The board has requested comment on additional disclosures that state and local governments would need to provide in financial statements but faces a long timeline for implementation.

The agencies are overstepping their statutory authority in trying to force the market to adopt a new securities identifier, says the American Bankers Association.

As extreme weather events occur with more frequency across the country, Michael Gaughan, executive director of the Vermont Bond Bank, says municipal bond banks can help smaller communities deal with the effects of them. Gaughan speaks with The Bond Buyer's Lynne Funk on the effects of climate change and how the various levels of government can work together to address it.

In this episode, Howard Cure, Director of Municipal Bond Research at Evercore Wealth Management, discusses the improving state of public pensions, the ongoing challenges faced by states like New Jersey and Illinois, and the risks associated with pension obligation bonds.

Regulators indicated they may prefer the use of Financial Instrument Global Identifiers for securities.

In May, a bipartisan group of lawmakers sent a letter to the federal agencies responsible for the FDTA rulemaking, urging them to stick to the schedule spelled out in the law.

Recently, the SEC has focused its attention on disclosures related to artificial intelligence, including the use of machine-learning, generative models or algorithms, blockchain, and other similar emerging automated technologies, warning market participants of the risks associated with "AI-washing."

Investors may want to consider non-disclosure of climate hazards as a symbol of non-resilient projects and limited planning.

"The shortage of accountants is not a brand new-issue, but it seems to be more thematic this year," said Richard Ciccarone, president emeritus of Merritt Research Services.

In its first report since 2017 on municipal issuer disclosure, the Municipal Securities Rulemaking Board found that the average audit time has risen slightly since 2018 to 209 days, its highest on record.

A pair of muni market experts propose cities and towns borrow through state-based, credit-enhanced bond banks to make the market more efficient.

Like many higher education institutions, the university's financial woes started when enrollment dropped thanks to the COVID-19 pandemic.

The median time for issuers in all municipal bond sectors to produce audited financials rose nearly 10.5% from 2011 to 2022, according to a new report.

Proposed rulemaking on the FDTA is expected in June, but clarity on what exactly it means for the muni market is years down the line.

John Hallacy of John Hallacy Consulting and Rich Ciccarone, president emeritus of Merritt Research Services, talk with Chip Barnett about the municipal bond business over the past 40 years. They take a look back at where the industry has been, where it is and where it will be going.

The Fortress Investment Group-backed Brightline now anticipates carrying 4.9 million passengers between Miami and the Orlando airport.