Washington

The Securities and Exchange Commission has charged the operator of Miami-Dade County, Fla.'s largest hospital with defrauding investors by failing to disclose its financial woes prior to an $83 million bond offering.

A proposal to modify the standard of independence for Municipal Securities Rulemaking Board members is inconsistent with federal law, the National Association of Independent Public Finance Advisors told the Securities and Exchange Commission Sept. 12.

A coalition of mayors from across the country is urging SEcurities and Exchange Commission chairman Mary Jo White not to support structural changes to municipal money market mutual funds, especially the adoption of a floating net asset value.

A tax-exempt bond advisory panel to the Internal Revenue Service has recommended that the agency publish three documents to provide guidance to issuers of small governmental bond issues and conduit borrowers of small 501(c)(3) nonprofit bond issues about complying with arbitrage rebate and yield restriction requirements.

The Securities and Exchange Commission, Miami, Fla., and the city's former budget director agree they are unlikely to settle a bond-related securities fraud case and that the trial will be lengthy, according to a joint scheduling report they filed with a federal court in Miami.

The SEC will investigate the Rhode Island Economic Development Corp.’s $75-million loan guarantee to video-game company 38 Studios, the agency confirmed.

The Internal Revenue Service is auditing $604.14 million of general obligation limited tax bond bank bonds that were issued by Clark County, Nev., in 2006.

The Municipal Securities Rulemaking Board has filed revised amendments with the Securities and Exchange Commission seeking to modify earlier rule change proposals governing retail order periods.

Leaders of the National Association of State Treasurers are meeting with regulatory officials and members of Congress this week, urging them to oppose a major money market fund reform proposal and any alteration to the tax-exempt status of municipal bonds.

The Municipal Securities Rulemaking Board sent letter to the Securities and Exchange Commission defending the MSRB's proposal to loosen the standard of independence for public board members.