Washington

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.

The House Judiciary Committee is unlikely to pass legislation that would give Puerto Rican public municipalities and utilities the ability to file for bankruptcy under Chapter 9, committee chair Bob Goodlatte, R-Va., said in a Wednesday statement.

Orrick, Herrington & Sutcliffe LLP attorneys take a look at the Securities and Exchange Commission settlements with 36 municipal securities underwriters pursuant to the Municipalities Continuing Disclosure Cooperation initiative.

The Municipal Securities Rulemaking Board is giving 529 college savings plan underwriters a 60-day extension on the first date data submissions are due under a recently adopted rule.

The Supreme Court has declined to hear the case of ex-Miami, Fla. budget director Michael Boudreaux, sending the former official and the city back to court to fight a Securities and Exchange Commission lawsuit in a move some lawyers fear could hurt municipal officials' abilities to do their jobs.