Washington

Arbitration panels ordered UBS Financial Services, Inc. and its subsidiary in Puerto Rico to pay more than $5.44 million to investors in the firm's proprietary closed-end mutual funds that predominantly contained Puerto Rico bonds.

Kenneth D. Gibbs, president of the municipal securities group at Jefferies LLC, plans to leave the firm at the end of the year and take over leadership of the Maimonides Medical Center in Brooklyn.

Kym Arnone, the current chair of the Municipal Securities Rulemaking Board, has left Barclays Capital, according to a company spokesperson.

The National Association of Bond Lawyers has updated its bankruptcy guide for members with new information drawn from the relatively high number of municipal bankruptcy filings in the last few years.

The 60 Plus Association announced on Thursday that it is forming a coalition of small holders of Puerto Rico bonds that will push for the creation of a financial control board and oppose bankruptcy legislation for the territory.

A U.S. district court judge has scheduled a trial for late summer of next year in the Securities and Exchange Commission case against the city of Miami and Michael Boudreaux, the city's former budget director.

Samantha DeZur, the Bond Dealers of America vice president of federal policy and strategic communications, will take a new job as the manager of government relations for Chicago-based CME Group Sept. 14.

Three federal appeals court judges dismissed a challenge Tuesday to the Securities and Exchange Commission's pay-to-play rule for investment advisors that has similarities to the Municipal Securities Rulemaking Board's own pay-to-play rule for broker-dealers.

Michael Bartolotta, formerly of First Southwest, has left that firm to join Citi in Houston.

The National Association of Bond Lawyers released a paper Thursday giving its members tools to help issuer clients develop written disclosure policies and procedures in response to recent Securities and Exchange Commission cases against issuers.