Washington

A lawsuit challenging the Securities and Exchange Commission's investment adviser pay-to-play rule is moving forward in a D.C. federal appeals court, with implications for muni market pay-to-play restrictions hanging in the balance.

This year will bring more municipal advisor and secondary market transparency regulation, while a newly Republican-controlled Senate could lead Congress to scrutinize and possibly ease existing laws and rules.

Former Miami, Fla. budget director Michael Boudreaux is appealing to the U.S. Supreme Court after a federal appeals court decided not to reconsider its decision to disqualify his immunity from a Securities and Exchange Commission lawsuit.

Credit rating agencies have made strides in implementing mandatory reforms, the SEC said in recent reports that found the raters also need to improve in several areas, including the way they handle conflicts of interest.

State and local governments are the underdogs in influence peddling in Congress mostly because they spend little to nothing on lobbyists, in contrast to the millions of dollars spent by the big securities, banking and investment groups.

Muni bond issuers in Texas posted updated disclosures to correct previous omissions under the Securities and Exchange Commission's MCDC initiative.

Some non-dealer municipal advisors wrongly believe providing advice to an issuer in their capacity as a municipal advisors means they can also act as an intermediary between the issuer and investors.

Municipal bond groups are seeking federal appeals court guidance in a ratepayer appeal of part of Jefferson County, Ala.'s Chapter 9 bankruptcy plan, saying the district court decision allowing a challenge of the plan threatens to undermine market stability.

The Securities and Exchange Commission has named former Municipal Securities Rulemaking Board general counsel Gary Goldsholle as a deputy director in its Division of Trading and Markets.

As it steps up its efforts to police the municipal securities market, the regulator is turning to potentially career ending sanctions for municipal officials.