Washington

Dealer groups are asking the Municipal Securities Rulemaking Board for more flexibility with exceptions to its rule preventing dealers from buying or selling bonds below issuers’ prescribed minimum denominations.

Market participants need to continue working toward broad disclosure of bank loans, possibly by amending the Securities and Exchange Commission’s disclosure rule to classify the loans as material events for issuers.

Issuers vented their frustrations about the complicated nature of voluntary bank loan disclosure in the municipal market to the Municipal Securities Rulemaking Board chair at the annual GFOA debt committee meeting.

The credit crisis in Puerto Rico may give Congress an opportunity to pass legislation that would allow direct regulation of state and local issuers, municipal market participants said Saturday.

The Securities Industry and Financial Markets Association has released four model documents designed to help municipal advisors as they work to come into compliance with the Municipal Securities Rulemaking Board’s rule outlining the core duties for Mas.

The Government Finance Officers Association is the latest group to cry foul over the Internal Revenue Service and Treasury Department’s proposed political subdivision rules, and called on the IRS to withdraw the proposal.

The Senate Committee on Banking, Housing, and Urban Affairs has recommended that the full Senate approve President Obama’s two nominees for the Securities and Exchange Commission.

The mayor of Harvey, Ill. has agreed to pay $10,000 and to never participate in a municipal bond offering again in order to settle charges with the Securities and Exchange Commission that he helped the city mislead bond investors by diverting proceeds from projects for which they were intended.

The Financial Industry Regulatory Authority has filed a complaint against Phoenix-based Lawson Financial Corp. and the firm's president and chief executive officer, charging them with securities fraud in connection with the sale of millions of dollars of municipal revenue bonds to customers.

The Municipal Securities Rulemaking Board has tapped Susan Collet to become head of legislative affairs, overseeing its congressional and federal government activities.