Securities law

PNC Capital Markets has agreed to pay almost $200,000 to settle with the SEC over a failure to meet disclosure requirements in connection with 36 limited offerings.

Ruben James Rojas agreed to admit wrongdoing and pay a $50,000 fine after the Securities and Exchange Commission found that he misled bond investors in connection with a $100 million offering.

Legislation requiring standardized financial disclosure from issuers is attached to a must-pass defense bill, which narrows the window to fight the measure.

The Municipal Securities Rulemaking Board voted to amend its Rule G-40 on advertising by muni advisors and Rule A-12 on registration during its final board meeting of the year.

Opponents say the legislation could prompt issuers to drop out of the public bond market while supporters say investors and regulators deserve standardized financials.

Municipal advisor Matthias O'Meara and his firm Choice Advisors' move to dismiss the SEC's first ever charges under MSRB Rule G-42 failed.

The SEC has charged Oppenheimer in a litigated action and settled with BNY Mellon, TD Securities and Jefferies for failing to comply with municipal bond disclosure requirements.

Capital Market Advisors responded to the Securities and Exchange Commission's claims that the charges are inconsistent or in excess of those imposed by the applicable laws.

Vern Breland is representing himself, and told a court he relied on his municipal advisor.

The office is aiming to beef up its analytical power with the new hire.

Broker and investment advisor Wayne von Borstel has been suspended by FINRA for 15 business days for violating MSRB Rule G-8 on recordkeeping

The disclosure from the Hampton County School District in Varnville, South Carolina provided no details on the status of the bonds, but the form itself indicates there is an audit underway.

Following the Supreme Court ruling in Carson v. Makin, states with bans on using bond proceeds for religious purposes may be forced to amend such laws.

Lanza said the "time was right" to return to the private sector.

Puerto Rico-based Ocean Capital is trying to gain control of several local tax-free income funds by electing members to the funds' board of directors, but current board members have refused to give up their seats.

The MSRB's priorities for the year include action on ESG, updates to its EMMALabs platform, and more requests for comment aimed at modernizing its rulebook.

Unregistered municipal advisor activity and breaches of fiduciary duty remain priorities.

"The vast majority of muni issuers are trying to do the right thing,” Zehner said. “The vast majority of underwriters and municipal advisors are trying to do the right thing.”

Mark Zehner has retired from his position as deputy chief of the SEC's public finance abuse unit, a position that Rebecca Olsen, former director of the Office of Municipal Securities, has taken over.

MSRB Executive Director Mark Kim, as well as the board's new chair and vice chair sit down for a talk about the board's priorities in the new fiscal year.