S&P Global Ratings placed Chicago's general obligation bond rating on watch negative Tuesday, warning against heavy reliance on one-time budget solutions.

Panelists at the SEC, FINRA and MSRB joint Compliance Outreach Program looked at the state of municipal advisor regulation and how the Commission could respond going forward.

Credit ratings and the role of rating agencies have changed in response to an evolving market over the past 16 years, according to speakers during an online California Debt and Investment Advisory Commission.

Drexel Hamilton and four of its representatives were charged by the Financial Industry Regulatory Authority for violating the retail order period eligibility criteria set by municipalities.

The agencies cited the authority's strong performance and position.

The outlook change to negative comes in the wake of voter approval on Nov. 5 of a ballot measure requiring certain public safety spending by the city.

Rudy MeJia Jr. has been fined and given an eight-month suspension from associating with any FINRA member firm for failing to disclose that he opened a private investment pool and was receiving commission for sales on behalf of it.

The board has launched the new Technology Advisory Group and relaunched the Compliance Advisory Group and is seeking volunteers for both.

The upgrade affects most but not all of MEAG's outstanding bonds.

A rule change allowing non-profits to cash in green energy credits presents both opportunities and challenges.

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.

Municipal advisor Hamlin Capital Advisors and Michael Ferrell Braun have been charged by the SEC for failing to disclose material conflicts of interest to its charter school clients.

The Municipal Securities Rulemaking Board held its first board meeting over Oct. 23-24, where it approved a number of rule proposals and requests.

Geography is playing a role in financial health as debt issuance rises.

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

The Securities and Exchange Commission has charged Alliance Global Partners with publishing daily quotes at above market prices on between 4,300 and 6,500 different municipal bonds over a two-year period.

In FY 2025, the Securities and Exchange Commission's Examination Division will be closely monitoring for compliance with MSRB Rule G-42 on the core standards of municipal advisors, in addition to enforcing the T+1 settlement cycle.

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 Municipal Securities Rulemaking Board will hold its first meeting of fiscal 2025 on October 23 and 24, under its new chair, Warren "Bo" Daniels.

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.