Washington

The Port Authority of New York and New Jersey has publicly disclosed that it is under investigation by the Securities and Exchange Commission and other federal and state authorities for diverting $1.8 billion to pay for New Jersey road repair projects, The Bergen Record reported Thursday evening.

Merrill Lynch, Pierce, Fenner & Smith Thursday sold the first tender option bonds structured to comply with the Volcker Rule, a feat Moody's Investors Service said will benefit the market by allowing TOB trusts to continue purchasing munis.

The Bond Dealers of America is urging the Securities and Exchange Commission to limit the scope of its continuing disclosure violation self-reporting program and the participation deadline by more than three months.

Fenn Putman, former chair of the Public Securities Association and vice chair of the Municipal Securities Rulemaking Board, passed away on Sunday, June 8, at age 80.

The municipal securities market is "fertile ground" for further enforcement initiatives aimed at getting market participants to comply with their obligations under the law, the Securities and Exchange Commission's enforcement director said Wednesday.

Ernesto “Ernie” Lanza is leaving his position as deputy executive director at the Municipal Securities Rulemaking Board to join the Washington office of Greenberg Traurig.

New study links increased public corruption to high levels of state expenditures on highways and other construction projects.

City attorneys should be aware of possible conflicts between the issuer they represent and its employees, financial advisors and counsel about whether to self-report that bond documents failed to disclose violations of a continuing disclosure agreement, regulators and lawyers warned Thursday.

The Municipal Securities Rulemaking Board plans to conduct a survey of municipal advisors later this month to help it develop professional qualification exams.

The Municipal Securities Rulemaking Board plans to soon unveil a new price discovery tool on EMMA that will allow investors to compare the prices and yields of municipal securities that share the same characteristics.