Washington

The Securities and Exchange Commission's Michael Piwowar said Monday that he has asked the SEC's Office of Municipal Securities to work with him on proposals to improve the market.

Miami and former budget director Michael Boudreaux have requested a jury trial and denied most of the Securities and Exchange Commission's fraud allegations in recent federal court filings.

Securities and Exchange Commission Officials confirmed Wednesday that the SEC's office of enforcement will carry the responsibility of overseeing all of the more than 1,100 registered municipal advisors

The Municipal Securities Rulemaking Board will discuss drafts of rules creating a best execution standard for broker-dealers and establishing supervisory requirements for municipal advisors during its next meeting Jan. 29-31 in Atlanta.

Two recent solicitations for financial advisors in Orlando and Los Angeles illustrate the tensions between dealer and non-dealer advisors, as the Securities and Exchange Commission and Municipal Securities Rulemaking Board begin to put in place a regulatory scheme to create a level playing field between the two.

The Financial Industry Regulatory Authority has fined four firms a total of $290,000 for violations of municipal securities rules, including E. J. De La Rosa & Co., which was hit with a $200,000 fine for improperly using bond proceeds to reimburse itself for payments to a lobbying group.

The National Federation of Municipal Analysts has issued a white paper describing best disclosure practices in the primary market, recommending more "plain English" offering documents, clear descriptions of security for bonds, and details about key investment risks.

Dealer groups are warning the MSRB that a proposal to require an hour of annual muni training for their staffs could actually result in less efficient training and could be confusing, in addition to raising compliance burdens.

The Securities and Exchange Commission announced Monday that compliance with the final municipal advisor registration rules will not be required until July 1, the date on which the first set of municipal advisors will be required to register under the final rules.

Sentencing for convicted bid-rigger David Rubin has been pushed back until Feb. 3 and for Mark Zaino until Feb. 11, while Alexander Wright received a light sentence and James Hertz only had to pay $300 in fees.