Washington

Municipal market trades increased for the first time in three years in 2013, driven by retail-sized transactions, according to the annual fact book the Municipal Securities Rulemaking Board.

The Municipal Securities Rulemaking Board has proposed a supervision rule for municipal advisors that would subject all MAs to an oversight responsibility similar to what dealers and dealer-affiliated advisors have under existing rules.

The Securities and Exchange Commission has approved a new rule that will require underwriters of 529 college savings plans to submit more in-depth financial information to the Municipal Securities Rulemaking Board twice a year.

The National Federation of Municipal Analysts will ramp up its education efforts on disclosure this year by publishing guidance on general obligation bonds and new issue disclosure, NFMA chair Susan Dushock said.

Dealer groups are unsure whether the Municipal Securities Rulemaking Board's proposed best execution rule is tailored enough for the municipal market, but are pleased it would exempt sophisticated professionals.

The Municipal Securities Rulemaking Board has proposed a best execution rule, a step recommended by the Securities and Exchange Commission that has been mostly resisted by dealers who have warned such a rule would be tough to implement in the muni market.

Standard & Poor's is urging municipal bond issuers to fully disclose their bank loans and other alternative financings, warning these potentially carry considerable credit risk.

Seven firms have been ordered to pay a total of $68,500 in fines and $16,088 in restitution for municipal trade, disclosure, pricing and supervisory violations, according to the Financial Industry Regulatory Authority's monthly disciplinary actions released Tuesday.

Rhode Island officials and a federal mediation panel late Friday announced a settlement in lawsuits that challenged the state's 2011 pension overhaul law, but state lawmakers must still approve it.

The on-again, off-again Rhode Island pension lawsuit settlement announcement is on again, according to a federal mediation agency.The on-again, off-again Rhode Island pension lawsuit settlement announcement is on again, according to a federal mediation agency.