Washington

The Municipal Securities Rulemaking Board is preparing to submit a proposal limiting the gifts municipal advisors can give to state and local employees as well as a study guide for its MA qualifications exam to the Securities and Exchange Commission.

As if bond rating downgrades, a $50 billion unfunded pension liability and teetering school districts weren’t enough, Pennsylvania must wrestle with more political scandal as its treasurer resigns to plead guilty after a federal investigation.

Jennifer Johnston, vice president and research analyst in the municipal bond department of Franklin Templeton Investments is the new chair of the National Federation of Municipal Analysts, the NFMA announced Monday.

The Securities and Exchange Commission has filed a motion for summary judgment in its securities fraud case against two former JPMorgan bankers involved in Jefferson County's sewer deals and swaps.

All individuals engaging in municipal advisory activities should be required to take a new qualifications test, and regulators should consider developing more specialized and supplemental exams at a later time, the National Association of Municipal Advisors told the Securities and Exchange Commission this week.

The Municipal Securities Rulemaking Board is sounding another call for transparency of undisclosed debt such as bank loans, warning that failure to improve disclosure practices could impair market pricing or even threaten the rights of bondholders.

Two former Allen Park, Mich. officials have settled a Securities and Exchange Commission lawsuit against them by agreeing to be barred from involvement in any future municipal bond offerings, and ex-Mayor Gary Burtka agreed to pay a $10,000 civil penalty, according to court documents filed Wednesday.

A federal judge ordered the former comptroller of a Harvey, Ill., to pay more than $200,000 in fines and barred him from participation in any future municipal issues for his role in misleading investors on several of the south Chicago suburb's past bond offerings.

State and local governments of all sizes are using direct bank loans as an alternative to traditional bond financing, Standard & Poor's said Wednesday, renewing its call for more transparency surrounding bank debt.

The Federal Reserve Board’s decision to delay certain aspects of the Volcker Rule are a plus for the municipal market, a major rating agency and a dealer group said.