Washington

A coalition of state and city finance officials led by Rhode Island Treasurer Seth Magaziner wants the SEC to require greater transparency from PE firms that manage public pension funds.

The Municipal Securities Rulemaking Board, at its meeting next week, plans to discuss draft guidance on its best execution rule, its proposal to require dealers to provide pricing information to customers, and the reaction to its bid to ease standards for the public investor representative on its board.

The Government Finance Officers Association took issue with the Municipal Securities Rulemaking Board’s proposed easing of standards for one public board position, saying the changes could affect the balance of power and lead to candidates who do not represent the best interests of investors.

Micah Green, a former president of the Securities Industry and Financial Markets Association, and six others have moved to Steptoe & Johnson LLP’s financial services practice here from Squire Patton Boggs.

The Municipal Securities Rulemaking Board is proposing to create a trade data product that would allow higher education researchers to see what dealers are doing while keeping the dealer identities anonymous.

The Financial Industry Regulatory Authority fined three firms a total of $57,500 for municipal bond trade reporting violations. The self-regulator also suspended a former broker-dealer cashier for six months for fictitious trades.

Mayor Stephen Reed "could not have acted alone," Pennsylvania Attorney General Kathleen Kane said in announcing corruption charges.

The Municipal Securities Rulemaking Board’s proposal to ease the independence standard for its public investor slot is “deeply flawed” and “would undermine the very purpose” of Dodd-Frank Act provisions, according to the Securities and Exchange Commission’s Investor Advocate.

The Financial Industry Regulatory Authority is expected to release an investor alert Monday to educate bondholders on liquidity issues that can arise during times of market stress.

Two senators have introduced a bipartisan bill that would give the Securities and Exchange Commission the ability to levy higher civil monetary penalties against firms and individuals for securities law violations.