Washington

About of 50 of the 650 registered municipal advisors were examined by the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations in fiscal 2015, the office director told House subcommittee members on Thursday.

The Municipal Securities Rulemaking Board will move forward with a revised proposal that would mandate municipal securities transactions be closed out within 20 instead of 30 days of settlement, Lynnette Kelly, the MSRB’s executive director said on Monday.

Ramapo, N.Y.’s A1 rating from Moody’s Investors Service is on review for downgrade in the wake of federal fraud charges alleging misstatements of financial reporting.

The Securities and Exchange Commission’s municipal enforcement unit could be bringing more cases with concurrent criminal charges in the future as it plans to increase its coordination with the Department of Justice and the Federal Bureau of Investigation.

Bond Dealers of America will be working on a full plate of issues this year as it helps its members navigate recent and ongoing regulatory developments while maintaining its educational and Capitol Hill-centered work, said new BDA board chair John Fechter.

First Winston Securities, Alton Securities Group, and MidAmerica Financial Services were ordered to pay a total of $115,000 in fines and restitution by the Financial Industry Regulatory Authority for violation of municipal securities rules.

House Republican leaders plan to hold a policy meeting Friday morning with their members on pending legislation for Puerto Rico to try to gain more support for it.

In parallel actions on Thursday, the Securities and Exchange Commission and the U.S. district attorney for the Southern District of New York filed civil and criminal charges against Ramapo, N.Y., officials for misleading investors in connection with bonds issued to finance a minor league baseball stadium.

The House Committee on Natural Resources is moving forward with a bill to help Puerto Rico that loosens provisions regarding the oversight board but still keeps the cram down and debt litigation moratorium portions of an earlier version that drew criticism.

The Securities Industry and Financial Markets Association is pressing the Securities and Exchange Commission to update and modernize its municipal securities disclosure rule as well as develop a parallel rule that gives municipal advisors continuing disclosure responsibilities.