SEC enforcement

The investigation appears to be linked to the supervision of Deborah Kelley, a broker who was convicted and sanctioned for bribing a state pension fund officer.

The orders issued Dec. 23 bring to a close the Securities and Exchange Commission enforcement action against Navnoor Kang, Deborah Kelley and Gregg Schonhorn.

In response to the SEC's complaint, the former chief business officer of a California school district said he acted in good faith.

A steep decline in school district reserves drove a two-notch downgrade and has drawn a subpoena from the Securities and Exchange Commission.

Securities and Exchange Commission Chair Jay Clayton seemed noncommittal on a proposed exemptive order for municipal advisors.

Though enforcement cases slightly decreased this past year, lawyers say the Securities and Exchange Commission is just as aggressive as ever.

“The channel doesn’t matter in terms of responsibility for the information,” said SEC Chairman Jay Clayton.

Data on default rates shows that while there has been improvement in consistency between corporate and muni ratings, there is still work to be done.

The SEC brought four civil lawsuits and 10 stand-alone administrative proceedings, according to its annual report released Wednesday.

The committee's discussion will begin with a municipal issuers’ structured disclosures discussion, featuring issuers, regulators, and others.