Washington

Lobbying efforts more than doubled in the second quarter of this year over pending legislation that would give Puerto Rico utilities and authorities access to Chapter 9 bankruptcy protection.

The Municipal Securities Rulemaking Board announced Monday it will increase its initial and annual fees while lowering its underwriting fee to better distribute costs among regulated entities based on level of involvement.

The Securities and Exchange Commission has asked for an extension to decide whether to approve the Municipal Securities Rulemaking Board's proposed Rule G-42 on the core duties of municipal advisors.

The Senate Appropriations Committee's fiscal 2016 financial services bill would significantly underfund the Securities and Exchange Commission and undermine the Internal Revenue Service's ability to carry out basic functions, Office of Management and Budget director Shaun Donovan warned committee leaders in a letter this week.

Trading activity in the municipal market for the second quarter of this year was 14% higher than the previous quarter as well as the second quarter last year, with several Puerto Rico bonds among the most traded, according to the Municipal Securities Rulemaking Board.

The Municipal Securities Rulemaking Board issued a media advisory on Tuesday warning of possible problems its anti-pay-to-play rule could cause for governors who are running for president and Wall Street firms that may contribute to them.

Nat Singer, senior managing director at Swap Financial Group, will become the new chair of the Municipal Securities Rulemaking Board on Oct. 1.

Faced with requests from dealers to withdraw its proposed principal trade price disclosure rule, the Municipal Securities Rulemaking Board now plans to modify that proposal as well as develop an alternative that would require dealers to disclose markups and markdowns on certain principal trades.

The Municipal Securities Rulemaking Board late Friday filed with the Securities and Exchange Commission revised content outlines to its qualification exams for municipal fund securities limited principals, municipal securities representatives, and municipal securities principals that will bring the tests in line with recent MSRB rule changes.

Bankruptcies in Detroit, Jefferson County, Ala., and three California cities helped spawn a new breed of activist judges, who may use Chapter 9 cases as the platform not just for reorganizing municipal debt, but also for helping set the stage for turning distressed cities around.