Securities law

J.W. Korth & Co. was found to have charged excessive markups in 38 sales of municipal securities.

Adding $374 million alleged in New York to the three other cases also filed by Johan Rosenberg brings the total damages claimed to $1.58 billion.

The MSRB is requesting comment on whether Rule G-23 is still relevant and whether it helps the MSRB achieve its objectives of protecting issuers and investors.

Issuers are concerned that the Municipal Securities Rulemaking Board reopening discussion of Rule G-23 could bring back "shady" practices.

GFOA members said they were taken aback and in some cases upset about the tone of the National Federation of Municipal Analysts' letter to regulators.

The Securities and Exchange Commission is on the lookout for municipal advisors skirting the Series 50 Exam.

Data from a Municipal Securities Rulemaking Board report released Wednesday showed a continuing decline in the number of dealers.

At the National Federation of Municipal Analysts annual conference, panelists discussed the “elephant in the room” — myths about issuer disclosure.

In a letter sent to the SEC and the Municipal Securities Rulemaking Board late last week, the group said lapses in issuer financial disclosures are unacceptable.

The Securities Industry and Financial Markets Association said to manually input the data would require more time and staff.

Numbers showed 167 submissions for Rule 15c2-12's Event 15.

Philadelphia awarded a $190 million general obligation deal to banks the city is suing, alleging collusion on variable-rate debt.

The new amendments to be filed to the Securities and Exchange Commission will give disclosure responsibility to the lead underwriter, meaning less duplicative disclosure for issuers.

Bond Dealers of America members said they have spent an average of more than $17 million on regulatory costs since the beginning of the 2008 credit crisis.

The MSRB said Rule G-29 doesn't make sense anymore since the rulebook can be accessed online.

The court shouldn't accept banker Peter Cannava's "narrow and cramped view of materiality,” the SEC urged.

The Municipal Securities Rulemaking Board is making its MuniEdPro free for all market participants.

On deck for the meeting scheduled for next week, the MSRB's Board of Directors will discuss pennying, upcoming EMMA enhancements and financial disclosure timeliness by issuers.

Whistleblower Johan Rosenberg has alleged that the conspiracy cost issuers over $1 billion — $719 million in California, $349 million in Illinois, and $134 million in Massachusetts.

The SEC now has a stronger card to play when pursuing an enforcement case, lawyers said.