Washington

The Supreme Court's 2010 Citizens United ruling should alleviate concerns by the Municipal Securities Rulemaking Board that additional regulation of bond ballot campaign contributions could violate free speech protections guaranteed by the First Amendment, according to the National Association of Independent Public Finance Advisors.

The Municipal Securities Rulemaking Board's proposed rule on dealers' time-of-trade disclosure obligations is overly broad, lacks clarity and does not address important issues, such as disclosures to "sophisticated municipal market professionals" or to customers using online trading systems, warned muni dealers.

Mary Jo White, President Obama's nominee for chairman of the Securities and Exchange Commission, told lawmakers Tuesday that her work representing high-profile clients as a criminal defense attorney will not create undue conflicts of interest or affect her ability effectively run the SEC.

The Municipal Securities Rulemaking Board proposed rule changes requiring dealers to analyze more information when determining if a recommended transaction or investment strategy is suitable for a customer.

Illinois has settled securities fraud charges with the Securities and Exchange Commission for misleading investors about its approach to funding its pension obligations.

The Municipal Securities Rulemaking Board's interpretive guidance to fair-dealing rules that took effect last year was "over-lawyered" and has caused widespread criticism from issuers of municipal bonds, the head of the Municipal Securities Rulemaking Board said Thursday.

The Securities and Exchange Commission agreed Thursday to propose a rule that would require self-regulatory agencies, possibly including the Municipal Securities Rulemaking Board, and other entities to meet new technology standards so as to better insulate financial markets technological problems.

A federal judge has postponed sentencing of two former CDR Financial Products Inc., staffers until after the bid-rigging trial against former Bank of America executive Phillip Dennis Murphy, which is slated to start Feb. 3, 2014.

The SEC's whistleblower office is seeking additional details about a complaint that Scranton, Pa., misled in a bond document regarding the nature of a tax hike.

The Municipal Securities Rulemaking Board is holding a meeting on March 22 for market participants to discuss changes affecting public pension obligations and other post-retirement benefits, including plan redesigns, differing accounting and valuation methods and legal issues.