SEC regulations

Events at the SEC are likely to create a number of important MSRB rule changes in the coming year.

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

Issuers, bond lawyers, and analysts have all raised complaints about the proposed addition to EMMA.

The National Federation of Municipal Analysts has consistently called for steps to reduce investors' reliance on stale financial information.

The SEC chairman’s comments are consistent with his record, which has included repeated calls for the MSRB to take steps to be sure investors are aware that issuer financials filed to EMMA can often be many months old.

The proposal would impact the private placement business and may require amendments of MSRB rules.

In 2012 John Cross became the first person to head the independent Office of Municipal Securities at the U.S. 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.

Cross, who served as associate tax legislative counsel at the Office of Tax Policy until Friday, said that he resigned in order to be closer to family.

If the proposal is approved, the timing of issuers' annual financial disclosures would be prominently displayed as soon as the beginning of 2020.

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.

At an SEC Fixed Income Market Structure Committee meeting on Monday, participants suggested giving out awards to incentivize issuers to submit timely financial information.

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

Baker McKenzie created a new group to integrate regulation and enforcement in a move to align with the Securities and Exchange Commission's practices.

The Municipal Securities Rulemaking Board plans a review after pressure from Sens. John Kennedy and Elizabeth Warren to change the makeup of its membership.

Municipal market participants got some comfort about their fraud liability if they act in good faith on interim financial disclosures.

Issuers will be looking to see what Securities and Exchange Commission Chair Jay Clayton says about disclosure.

Years after the Securities and Exchange Commission enacted a rule to require floating net asset values, finance officers are fighting the legislative malaise to try to undo it.

Though many participants were pleased with changes the Municipal Securities Rulemaking Board has proposed for its fair dealing guidance, some worried about new compliance expectations.