Washington

The Municipal Securities Rulemaking Board is urging reporters and members of the public to go to its EMMA online website for information on Detroit's bonds and the municipal securities market in general.

Peter Ghavami received a $1 million fine and an 18-month prison sentence for his role in municipal bond bid-rigging, while a judge also fined and sentenced two other former UBS bankers.

The Securities and Exchange Commission's recent enforcement action against Miami, Fla. signals the commission's seriousness about both upholding prior cease and desist orders and holding public officials accountable, market participants said.

A federal judge sentencing three former UBS bankers convicted of muni bond bid-rigging said they might receive prison terms similar to three other defendants.

The Municipal Securities Rulemaking Board said Monday that in the wake of Detroit's bankruptcy filing, investors need to be mindful that not all general obligation bonds carry the same level of security in the event of issuer insolvency.

Dealer groups are concerned provisions of the Municipal Securities Rulemaking Board's proposed rules on retail order periods could be burdensome, while independent financial advisors say the rules will be almost useless without a definition of "retail."

The Securities Industry and Financial Markets Association warned Michigan Gov. Rick Snyder that the approach he is backing in Detroit's bankruptcy will cost cities across the state and urged him to uphold the city's unlimited-tax general obligation bond pledge.

The Municipal Securities Rulemaking Board launched a new service on Monday that will allow state and local municipal bond issuers to schedule automated emails that will remind them of their self-imposed deadlines for filing annual and quarterly financial disclosures.

The Securities and Exchange Commission filed a lawsuit Friday against Miami, Fla. and the city's former budget director, charging them with securities fraud for making faulty disclosures in connection with three 2009 bond offerings totaling $153.5 million.

Pressure is mounting for the Securities and Exchange Commission to complete its rulemaking defining municipal advisors, with congressional aides saying a House panel will likely hold a hearing on potentially preemptive legislation after the August recess.