Washington

Federal regulators should employ different approaches to different financial markets in implementing the Volcker Rule, according to a report issued by the Bipartisan Policy Center.

The Securities and Exchange Commission is conducting nationwide, "limited scope examinations" of certain mutual funds that invest in Puerto Rico securities, according to a document obtained by The Bond Buyer and knowledgeable sources.

About 2,899 issues of Build America Bonds totaling $184.95 billion were issued in 2009 and 2010, according to statistics collected by the Internal Revenue Service, some of which were recently released.

Two law firms have filed cases against UBS over losses on closed-end funds holding Puerto Rico municipal bonds.

The Municipal Securities Rulemaking Board’s board of directors will discuss a possible best execution rule and municipal advisor regulation during its meeting in Alexandira, Va. this week, the MSRB announced.

The Treasury Department announced Thursday that it is resuming the sale of state and local government series securities at 1 p.m., EDT, after the longest suspension in 17 years.

Sentencing for convicted bid-rigger David Rubin has been pushed back to Dec. 3 from Oct. 18, at the request of defense attorneys who said they needed more time to prepare an analysis disputing the $11.5 million of restitution federal prosecutors are seeking.

Roughly $23 million of tax-exempt senior lien revenue bonds issued in 2003 to finance a jail may be taxable private activity bonds, an Internal Revenue Service agent has told the West Texas Detention Facility Corp.

The Securities and Exchange Commission's Office of Municipal Securities will gain another attorney next month when Goldman Sachs' Edward Fierro comes aboard Nov. 4.

The Financial Industry Regulatory Authority has fined three firms a total $115,000, and ordered two of them to pay $35,441 of restitution to customers, for violating municipal securities fair pricing, fair dealing and primary offering disclosure rules.