Washington

FirstSouthwest, a Texas-based broker-dealer and financial advisor, has protested two request for proposals for financial advisors issued by Los Angeles that bar underwriters from applying.

The Securities and Exchange Commission's $20,000 penalty on the Greater Wenatchee Regional Events Center Public Facilities District highlights the regulator's heightened focus on the municipal market.

The Financial Industry Regulatory Authority fined five firms $255,500 and fined and suspended an individual for violations of municipal securities rules.

The Securities Industry and Financial Markets Association is considering launching a campaign urging municipal issuers to lobby federal regulators and lawmakers against underwriter restrictions contained in the Securities and Exchange Commission’s final municipal advisor registration rule.

Dealers want to extend the implementation of the Municipal Securities Rulemaking Board's suitability rules and lengthen the time they have to disclose purchases of municipal bonds. They also want it made clear that a broker-dealer has reduced duties to sophisticated municipal market professionals.

Bankrupt Jefferson County, Ala.'s former financial advisor James White revealed "privileged" information and violated his fiduciary duties, attorneys for the county claim.

Issuers can take advantage of the independent municipal advisor exemption in order to get the advice of underwriters and other professionals who would otherwise be unable to offer it, according to a paper the Government Finance Officers Association has published about the Securities and Exchange Commission's final MA registration rule.

The Securities Industry and Financial Markets Association is recognizing Christopher Hamel, managing director and head of the municipal finance group at RBC Capital Markets, for his contributions to the municipal securities industry.

American Airlines and US Airways Group Inc. settled an antitrust lawsuit with the U.S. Department of Justice, clearing American's path to exit bankruptcy and repay its municipal bondholders.

The American Bankers Association has issued guidance designed to help members determine if they need to register as municipal advisors under the Securities and Exchange Commission's registration rule.