Securities law

The MSRB's controversial commentary about selective disclosure got some support from a top SEC official on Wednesday.

Early returns indicate there have been some problems but firms seem to be working through them in complying with the new markup rules, regulators and industry officials said Tuesday.

The proposal would establish a standalone rule governing transactions in discretionary accounts, something the board hasn't had in more than 30 years.

FINRA found that Gates Capital and three of its employees breached several MSRB rules, some related to role-switching from advisor to underwriter on the same transaction.

The MSRB said its newly-approved rules are an important part of its regulatory efforts, while groups representing dealers and MAs are say they are confusing and need clarification.

Jessica Kane's appointment as director of the Office of Credit Ratings suggests that Rebecca Olsen could remain acting or become permanent chief of the Office of Municipal Securities.

Issuers and the MSRB are mostly on the same page about primary offering practices that may warrant scrutiny, but some members of the GFOA's debt committee are concerned about "regulatory creep."

A federal judge found that a former UBS "banking champion" broke the law when he advised customers to use lines of credit to invest in risky closed-end bond funds.

The MSRB said its proposals should be approved, despite objections from dealers and municipal advisors.

The MSRB will ask for market feedback on potential interpretive guidance related to a practice the board worries may impair market liquidity.