Washington

The Securities and Exchange Commission told Miami, Miami-Dade County, and the Marlins that no enforcement action will be recommended after a four-year-long inquiry into the financing of the team's $615.7 million stadium.

Challenges remain despite initial favorable reaction to a proposal to establish guidance for municipal securities dealers calculating prevailing market price and compensation in principal transactions.

A Financial Industry Regulatory Authority arbitration panel in San Juan ordered UBS AG to pay an investor about $1.45 million in compensation for losses suffered by investments in its Puerto Rico closed-end bond funds.

The Municipal Securities Rulemaking Board has released proposed rule changes that would provide guidance on how municipal securities dealers should price bonds and calculate their compensation.

Three groups are threatening to challenge the constitutionality of the Municipal Securities Rulemaking Board's revised pay-to-play rule for municipal advisors.

Comprehensive or targeted reform of the federal tax code could significantly impact the revenues of most states, The Pew Charitable Trusts found in a report released Wednesday.

Oppenheimer & Co., WFG Investments, and E*TRADE were three of seven firms that the Financial Industry Regulatory Authority fined a total of $412,500 for trading municipal securities below the minimum denomination.

Lisa Washburn, a managing director with Municipal Market Analytics, is the new chair of the National Federation of Municipal Analysts.

Muni market groups are considering changes to issuer audit processes, improvements to EMMA, and additional guidance from regulators as part of a collaborative effort to shore up continuing disclosure and prevent additional rules or enforcement actions from the Securities and Exchange Commission.

The Government Finance Officers Association has issued an alert urging municipal issuers to be prepared for settlement offers from the Securities Exchange Commission under its program for voluntary self-reporting of violations in connection with continuing disclosure obligations.