Washington

The Virginia Supreme Court has reinstated Fluvanna County, Va.'s lawsuit against Davenport & Co. LLC, which seeks damages for state and federal security law violations the county claims the firm committed while serving as its financial advisor.

George Canellos and Andrew Ceresney have been named co-directors of the Securities and Exchange Commission's enforcement division — the first time the SEC will has had two leaders of the group.

Frank Shafroth on Friday left the Municipal Securities Rulemaking Board, where he was director of legislative affairs and intergovernmental relationships, to focus on his post at George Mason University.

What's Going on the Week of April 22

Securities and Exchange Commission member Dan Gallagher on Thursday tried to explain his recent warning that retail bondholders in the muni market, already wary their municipal securities may not have priority in a bankruptcy proceeding, are likely to face an Armageddon if interest rates rise.

The Securities and Exchange Commission today charged the chief executive officer of a Chicago-based advisory firm with lying to the California Public Employers' Retirement System and other clients about the amount of money managed by the firm.

The Municipal Securities Rulemaking Board will consider next week comments received on a proposal to require underwriters to disclose preliminary official statements and a proposal to create a new rule governing sophisticated municipal market professionals.

Securities and Exchange Commission commissioners and panelists at a roundtable Tuesday wrestled with how to improve the transparency of municipal bond trading and prices, particularly for retail investors.

Sen. Mark Warner, D-Va., has introduced legislation granting commercial banks an exemption from municipal advisor registration under the Dodd-Frank Act.

The Financial Industry Regulatory Authority fined a firm $37,500 for trade and books and records violations, and a broker $5,000, giving him a four-month suspension, for telling a customer he redeemed bonds rather than sold them without the customer's permission.