Securities law

The Municipal Securities Rulemaking Board issued a report saying its oversight of the muni market without enforcement power is among the advantages it offers as a self-regulator.

Municipal advisors would be subject to most of the same requirements as dealers under a proposed new advertising rule, but would be even more limited in certain ways.

The Consumer Financial Choice and Capital Markets Protection Act of 2017 would modify 2014 regulations in a way that would benefit municipal bonds and state and local governments.

The bill would restore an important source of liquidity for state and local governments and the financing of critical infrastructure projects in communities across the nation.

Three firms and an individual were fined a total of $187,500 for a range of rule violations related to the use of alternative trading systems, spending during rating agency trips, unsuitable trading, and untimely reporting of munis.

The first meeting of the Securities and Exchange Commission’s Fixed Income Market Structure Advisory Committee focused mostly on corporate bonds and barely addressed the municipal securities market.

The Municipal Securities Rulemaking Board’s net assets rose about $5.1 million to $74.4M in fiscal 2017, according to audited financial statements, adding to a healthy reserve the MSRB said it needs to ensure uninterrupted operations.

Best execution, suitability, and other areas of concern for the municipal as well as corporate markets are among FINRA regulatory and exam priorities for 2018.

The SEC's first muni enforcement case of the year shows its willingness to use the Dodd Frank Act to punish some breaches of fiduciary duty that hadn't yet been spelled out by the MSRB.

The Municipal Securities Rulemaking Board is looking for five people knowledgeable about the muni market to sit on its board starting Oct. 1.

An Atlanta-based municipal advisor defrauded a Mississippi city and breached its fiduciary duty, the SEC said.

Nachman Aaron Troodler's cooperation against Christopher St. Lawrence in the Ramapo, N.Y., case spared him jail time.

The SEC's Fixed Income Market Structure Advisory Committee has liquidity on the agenda for its first open meeting, scheduled for Jan. 11.

The market shouldn't expect a lot of rulemaking in 2018, but there will still be plenty of regulatory developments to look out for.

Regulators will focus on helping dealers and municipal advisors comply with recently adopted rules and will also monitor how tax reform legislation impacts muni market practices.

The SEC's muni enforcement focus in 2018 will include offering and disclosure-related fraud, broker-dealer abuses, municipal advisor misconduct, public corruption, and pay-to-play practices.

New York State’s fourth largest township already carries the lowest-possible investment grade rating from Moody’s Investors Service.

FINRA said Philip Fluegge violated its rules when he sold shares in municipal fund securities.

The SEC has approved a change to increase the level of information the MSRB collects about certain muni fund securities.

Navnoor Kang, the former director of fixed income for the New York State Common Retirement Fund, has pleaded guilty to criminal fraud charges.