Washington

New York State will receive about $3.59 billion as part of a settlement with BNP Paribas for violating United States economic sanctions.

The Bond Dealers of America have released a paper prepared by Nixon Peabody LLP that aims to explain to issuers how their relationships with the brokers that handle their investments will change now that the Securities and Exchange Commission’s municipal advisor registration rule is in effect.

The Bond Dealers of America is making another push for changes to the Securities and Exchange Commission’s Municipalities Continuing Disclosure Cooperation initiative after the SEC rejected BDA's earlier requests to narrow the scope of the program and extend its deadline.

As many state and local governments across the country begin their July 1 fiscal year, a new federal law going into effect is of particular interest to municipal governments that issue bonds.

Dozens of firms have withdrawn their registrations as municipal advisors under the new regulatory regime that takes full effect Tuesday, citing a myriad of reasons for avoiding participation in a new era of muni advising.

Some broker-dealers and some issuers have distorted the truth about the municipal advisor rule, said a former Securities and Exchange Commission lawyer who worked on the new regulatory regime.

The SEC's latest action continues to illustrate the commission's intent to vigorously enforce the muni bond space, securities lawyers said, and might also illustrate why issuers might hesitate to participate in its controversial self-reporting program.

Harvey, Ill. and its comptroller, Joseph T. Letke, are accused of misusing bond proceeds and misrepresenting investment risks in a civil complaint filed by the Securities and Exchange Commission that led to an injunction blocking an upcoming issue planned by the Chicago suburb.

Moody's downgraded the ratings of King's Daughters Medical Center, Ky., to A3 from A2, with a continued negative outlook, partly because of a $41 million Department of Justice settlement.

Panelists at The Bond Buyer's Pacific Northwest Municipal Market Symposium in Seattle discussed the implications of two regulatory initiatives taking place this year, the SEC's MCDC self-reporting initiative, and municipal advisor regulation.