Washington

Several federal agencies have approved a final proprietar trading rule that exempts municipal bonds, something market participants asked for.

The SEC should provide guidance to broker-dealers assuring them that they will not be restricted from giving advice to issuers in their roles as underwriters, a congressman told SEC chairman Mary Jo White in a recent letter.

The Securities and Exchange Commission has approved amendments to a Municipal Securities Rulemaking Board rule that would prohibit underwriters or remarketing agents from authorizing changes to bond documents except in limited circumstances.

The Financial Industry Regulatory Authority has fined Oppenheimer & Co. $675,000 for charging unfair prices in municipal securities transactions and for failing to have an adequate supervisory system, FINRA announced Monday.

Los Angeles withdrew two requests for proposals seeking financial advisors that were the subject of a protest letter from Texas-based broker dealer and financial advisor FirstSouthwest, because underwriters were excluded from applying.

The Government Finance Officers Association supports regulating those professionals who provide "advice" to state and local governments and believes that the Dodd Frank Act and the Municipal Advisor rule will help to ensure that those who provide advice have a fiduciary duty to their government clients.

Bank of America Corp. has agreed to settle a federal lawsuit accusing it of rigging bids for municipal bonds, according to a published report.

Regulatory officials, analysts and lawyers told state treasurers Wednesday that their approaches to municipal bond disclosure are of the utmost importance in the wake of recent Securities and Exchange Commission enforcement actions.

Former Bear Stearns managing director Roberto "Bobby" Ruiz was sentenced to two years in federal prison for his role in a massive El Paso County corruption case.

The Southern California Logistics Airport Authority of Victorville, Calif. defaulted for the fifth time on bonds issued to redevelop the airport from military to civilian use.