Washington

The Investment Company Institute is urging the Municipal Securities Rulemaking Board to give 529 college savings plan underwriters another extension before they will have to file their first data submissions under a recently adopted rule.

The Municipal Securities Rulemaking Board announced changes to its Electronic Municipal Market Access site Tuesday that will allow municipal issuers to show bank loan disclosures in a further effort to promote voluntary disclosure of issuers’ bank loan financings.

Bracewell & Giuliani partner Shamoil T. Shipchandler will head the Fort Worth regional office of the Securities and Exchange Commission beginning in October, the agency said.

The Financial Industry Regulatory Authority ordered seven broker-dealer firms to pay a total of more than $90,641 to settle charges of muni trade reporting failures and excessive markups, as well as engaging in muni business without qualified personnel.

Two Citigroup companies agreed to pay $180 million on Monday to settle charges they defrauded investors by misrepresenting that investments in two now-defunct hedge funds were safe, low-risk and suitable for traditional bond investors.

The Municipal Securities Rulemaking Board has proposed several changes to clarify its proposed Rule G-42 on core duties of municipal advisors but declined to ease a controversial provision that would bar an MA giving advice from acting as a principal in the same transaction.

Susan Gaffney has been hired as executive director of the National Association of Municipal Advisors.

The Financial Industry Regulatory Authority has censored and fined UBS Financial Services $750,000 for falsely representing to its customers that the interest on their municipal bond payments was tax-exempt when it was taxable.

Pennsylvania issued a request for proposals to hire a law firm to initiate clawback from participants in the Harrisburg incinerator bond financing fiasco.

Securities and Exchange Commission members are calling for the adoption of rules requiring broker-dealers to disclose markups and markdowns on municipal securities, warning that if self-regulators do not act, the SEC will propose the rules itself.