Securities law

The dealer group has opposed the proposed order from the start, and is keeping the pressure on as the SEC appears poised to approve the proposal in some form.

The board is considering whether it should allow dealer-affiliated municipal advisors to count towards the MA board seat requirement on a smaller board.

The Securities and Exchange Commission will discuss voluntary disclosure and buy-side perspectives among other topics in March.

The Securities and Exchange Commission wll work with the market to change secondary disclosure habits without a mandate, issuers and analysts said.

The board will, among other things, review comments on a proposed order that would allow municipal advisors to participate in some private placement activities.

The median time it takes for municipal bond borrowers to complete their annual audits was 156 days for fiscal 2018: equal to the slowest time in the past 11 years.

At issue is the so-called "public disclosure bar," which prevents a whistleblower from pursuing a lawsuit based on publicly available information.

Dealer groups want the SEC to examine broker-dealers and municipal advisors equally.

The Securities and Exchange Commission plans to focus on protecting Main Street investors in municipal bonds.

The investigation appears to be linked to the supervision of Deborah Kelley, a broker who was convicted and sanctioned for bribing a state pension fund officer.