Washington

The Securities and Exchange Commission's new program to encourage self-reporting of a specific continuing disclosure violation is facing some skepticism from bond lawyers even as one SEC attorney said it may eventually be expanded to cover other violations.

Former UBS banker Mark Zaino walked out of court a free man after a federal judge chose to impose no further sentence for his role in rigging muni bond contracts.

Dozens of dealer sales of Puerto Rico bonds to customers that violated the $100,000 minimum denomination requirement, and were then cancelled, have been erased from EMMA or altered as if they never occurred.

Non-dealer financial advisors are warning the Municipal Securities Rulemaking Board's proposed new best execution rule may conflict with the MSRB’s existing fair-dealing rule. Both they and dealers are seeking clarifications on what the rule would require dealers to do.

The Government Finance Officers Association has adopted revised best practices to adjust for municipal advisor regulation that takes effect July 1.

FINRA is examining allegations that broker-dealers violated bond documents and municipal rules by trading bonds from Puerto Rico's recent $3.5 billion general obligation deal to customers in sizes less than the required $100,000 minimum denomination.

The Louisiana State Bond Commission rejected a settlement with the Justice Department March 20 that would have resolved a federal housing discrimination suit.

The sentencing dates for convicted bid riggers Brian Zwerner, Douglas Goldberg, and Daniel Naeh have been delayed again.

Attorneys opposed to new municipal advisor regulation warned state treasurers this week that the new regime will end productive relationships with investment bankers and hurt issuers financially.

It didn't take long for several broker-dealers to start selling small denominations of Puerto Rico $3.5 billion of general obligation bonds to retail investors in violation of a requirement in the official statement and municipal securities rules.