Washington

The Securities and Exchange Commission has approved proposed Municipal Securities Rulemaking Board changes to complaint processes for dealers and municipal advisors, saying they are consistent with the MSRB’s authority and do not overburden market participants.

The Municipal Securities Rulemaking Board will focus on strategic planning and will discuss continuing education for municipal advisors as well as continuing disclosure during its quarterly board meeting here next week.

The Internal Revenue Service has published a new revenue procedure updating management contract safe harbors to address certain types of compensation, the timing of the payment of compensation, the treatment of land, and the methods of approval of rates.

Dougherty & Co. and its former employee Jeffrey Hill have agreed to $140,000 and $5,000 fines, respectively, to separately settle with the Financial Industry Regulatory Authority over charges that Hill recommended and initiated numerous unsuitable trades for two elderly customers.

Ten investment advisory firms have agreed to pay penalties totaling $660,456 to settle Securities and Exchange Commission charges that they violated the SEC's investment advisor pay-to-play rule.

The Financial Industry Regulatory Authority ordered UBS to hand over $18.2 million for misleading a family of investors in Puerto Rico closed-ended funds, the second highest fine for individual investors against UBS in these cases.

The Internal Revenue Service Whistleblower Office awarded more than $61 million to whistleblowers in fiscal 2016, the agency said Thursday.

Legislation designed to enhance the Securities and Exchange Commission’s cost-benefit analysis of new rules before approving them passed the House after drawing support from Republicans and some industry groups.

Public pension and municipal advisors are among the examination priorities for the Securities and Exchange Commission in 2017, the SEC’s Office of Compliance Inspections and Examinations announced Thursday.

Municipal market participants see a slowing of Treasury Department and Internal Revenue Service guidance and rules in 2017, but plan to closely watch for tweaks to management contract guidance, final requirements for public approval of private activity bonds and political subdivision rules.