Securities law

Groups active in the muni market are spending millions of dollars to influence policy and elect candidates, records show.

The whistleblower responsible for federal investigations and lawsuits accusing banks and broker-dealers of fraud and collusion in the remarketing of variable rate demand obligations will likely be forced to go public because of a recent ruling by Massachusetts’ highest court.

The MSRB, SEC, and FINRA will host an outreach event early next year as muni advisors prepare for a new principal exam among other requirements.

Key SEC officials responsible for muni rulemaking and enforcement said they don't feel disclosure has been adversely impacted due to fears stoked by the Municipalities Continuing Disclosure Initiative.

The Bond Dealers of America has formed a Fixed Income Market Structure Working Group to advise regulators, lawmakers and market participants on structural changes in the fixed income industry and marketplace.

Gary Hall, who became the new MSRB chair on Monday, says he has a "reverence" for the muni market.

SEC and MSRB officials responded to the concerns and frustrations of bond lawyers who were meeting in Chicago.

SIFMA is publishing a new model document that it says should help underwriters avoid regulatory risk.

Incoming NABL president Dee Wisor wants the group to be more active in Washington.

The MSRB is hoping that new guidelines will encourage more conversation between its staff and the broker-dealers and muni advisors it regulates.

FINRA examiners alleged Mesirow violated disclosure and supervisory rules.

A Carlsbad, Calif.-based San Diego-based firm, Eric Hall & Associates, is accused of being unregistered when it served as municipal advisor to a school district.

A pilot program for the new Series 54 exam should be available early next year, the MSRB announced.

The MSRB's guidance on social media use by muni advisors under its new advertising rule could use some work, market participants said.

Where the SEC's Rick Fleming sees potential benefits, broker-dealers see burdensome, duplicative work.

The disclosure of some variable-rate demand obligation information on EMMA shouldn't be used to dismiss a lawsuit alleging fraud in VRDO remarketing,lawyers for the plaintiff told an Illinois court.

Dealer firms are trying to comply with newer rules like markup disclosure, while regulators are finding some problems and working to communicate more clearly.

Roisman is officially back at the SEC, but this time as a commissioner.

A total of three advisory groups will be providing input to the board in the new fiscal year.

Widespread use of the bid-wanted process as a price discovery tool could hurt market integrity, the MSRB believes.