Washington

Dealer groups are telling the Municipal Securities Rulemaking Board that they worry too much pricing data will confuse investors and hurt the secondary market.

Groups active in the municipal market are urging federal agencies to exempt tender option bonds and nonprofit and state agency student loan organizations from risk retention rules imposed by the Dodd-Frank Act.

The IRS completed an examination into $153 million of bonds issued by Miami in 2007 without a change in tax exempt status.

The Securities and Exchange Commission’s chief administrative law judge has dismissed a commission order instituting cease and desist proceedings against two UBS Financial Services, Inc. of Puerto Rico executives for allegedly misleading mutual fund investors.

Miami and its former budget director Michael Boudreaux are urging a federal district court to dismiss the securities fraud charges the Securities and Exchange Commmision filed against them in July for disclosure failures.

Attorneys representing Victorville, Calif. and its officials argued in court that SEC fraud charges in connection with a 2008 bond offering should be dismissed.

The Municipal Securities Rulemaking Board is prioritizing a best execution rule for the municipal market, and also decided rules governing municipal advisors, beginning with a fiduciary duty rule.

Jay Goldstone, former Municipal Securities Rulemaking Board chair, was hired as a managing director in the Public Finance Group of the Bank of Tokyo-Mitsubishi UFJ.

A federal court in New York delayed the sentencing of former UBS Banker Mark Zaino to Dec. 12 for his role in rigging municipal bond contracts.

NAIPFA supports the practical, common-sense approach taken by the SEC and its office of municipal securities in writing its final municipal advisor rules, and believes that they will directly benefit the interests of issuers by creating a more robust, fair, competitive and transparent municipal market.