Washington

Non-dealer municipal advisors are concerned that the Municipal Securities Rulemaking Board's proposed rule on MA supervisory requirements could be costly to the market without greatly benefiting the issuers it is designed to protect.

The Securities and Exchange Commission's new program allowing issuers and underwriters to "self-report" disclosure failures could be a game changer, according to some market participants.

The Municipal Securities Rulemaking Board will discuss plans to rebuild the MSRB's real-time reporting system, as well as comments it has received on its proposed municipal advisor conduct rule and best execution rule when the board meets in Alexandria, Va. next week.

Former Bank of America executive Douglas Lee Campbell received no fine or prison from federal Judge Kimba Wood for his role in rigging municipal bond contracts.

Many smaller issuers remain uninformed about what the impending municipal advisor regulatory regime will mean for them, with broker-dealers picking up the slack and providing them with information, according to market participants.

The Municipal Securities Rulemaking Board has filed a new rule with the Securities and Exchange Commission to implement an annual fee of $300 for each municipal advisor professional that is to be paid by registered municipal advisors.

The Financial Industry Regulatory Authority has fined three firms and an individual for municipal rule violations, including for a precedent-setting case of improperly seeking reimbursement from issuers for excessive expenses on bond rating trips.

Senate Finance Committee chairman Ron Wyden, D-Ore. was elected to chair the Joint Committee on Taxation for the remainder of the 113th Congress.

Citi is urging bank regulators to treat most municipal securities as high quality liquid assets in a banking rule proposed to ensure banks are equipped to handle severe financial and economic stress.

Tender option bond market participants have two options available to keep those programs viable under the Volcker Rule, though neither is without risk or likely to please everybody with an interest in TOBs.