Washington

Jury selection began Tuesday in a federal class action lawsuit accusing the former Morgan Keegan & Co. Inc. of securities fraud for its role in underwriting $39 million of defaulted bonds for a failed artificial sweetener plant in Moberly, Mo.

The Securities and Exchange Commission's examination focuses for 2015 include issues related to protecting retail investors and assessing the compliance of municipal advisor firms, the commission announced Tuesday.

The Securities and Exchange Commission is urging a federal court to accept the settlements it had reached with two former officials of the city of Allen Park, Mich., in November, after the court vacated them a day later and asked for more information.

While entangled in a federal lawsuit over disclosure issues, Miami rolled out a new transparency initiative to make financial data publicly available.

Dealers want the Securities and Exchange Commission to direct the Municipal Securities Rulemaking Board to use a single qualifications exam for all muni professionals, while the Investment Company Institute wants separate municipal advisor exams tailored to the type of MA work being done.

Municipal Securities Rulemaking Board revenues totaled $32 million in fiscal year 2014, a 19% drop from the previous year, the board's annual report revealed.

The Financial Industry Regulatory Authority's exam priorities for 2015 include making sure that both municipal advisors are complying with registration and other requirements and broker-dealers are meeting minimum denomination restrictions on bonds.

Margaret “Peg” Henry, a lawyer who has worked for municipal securities regulators, congressional tax-writing committees, as well as bond lawyer and underwriting firms, has joined Stifel Nicolaus & Co. as a deputy general counsel.

The Municipal Securities Rulemaking board is accepting applications from individuals knowledgeable about the muni market who want to join the self-regulator's board of directors.

Market participants can expect increased municipal securities enforcement during 2015, a year that may bring resolution of the Securities and Exchange Commission's self-reporting initiative as well as greater emphasis on individual liability and secondary market disclosures.