Washington

Overzealous regulators are a big problem for middle-market broker-dealers said Warren Stephens, chief executive officer of Stephens, Inc. and a founding member of the Bond Dealers of America.

Six broker-dealers and investment providers have agreed to pay $103.35 million in preliminary settlements of charges by issuers and state attorneys general that they engaged in bid-rigging and price fixing for municipal investment products and derivatives.

The Bond Dealers of America is now part of a new umbrella organization called the American Securities Association that will also include an upstart association for middle market equities dealers.

The Financial Industry Regulatory Authority ordered George K. Baum & Co. to pay $270,000 for charging a Colorado school district more than four times the firm’s normal underwriting fee, partly to pay for costs associated with promoting bond ballot initiatives.

The National Association of Bond Lawyers is urging the Treasury Department and Internal Revenue Service to create special, more lenient issue price rules for competitive transactions, particularly small deals.

The Municipal Securities Rulemaking Board has published a new educational guide that walks retail investors through the pros and cons of varying methods of investing in municipal bonds.

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.