Washington

The Municipal Securities Rulemaking Board will consider a "best execution" rule during its current fiscal year, which began Monday, MSRB executive director Lynnette Kelly said at an industry meeting here today.

The Securities and Exchange Commission does not intend to take an entire year to finalize its definition of municipal advisor, SEC commissioner Elisse Walter said Monday.

David Brownstein, managing director and co-head of public finance at Citi, has been named recipient of the Securities Industry and Financial Market's Association’s 2012 Honor Roll Award.

Muni dealers should consider advising customers that issuers of Build America Bonds may have the option to call those bonds starting Jan. 2 if budget cuts due to sequestration take effect.

Goldman, Sachs & Co. agreed to pay $14.5 million to settle charges that a former vice president engaged in pay to play when working for the firm.

The MSRB released education guides Thursday aimed at helping municipal bond investors and issuers understand municipal market indices, yield curves and muni benchmark data.

Proposed rules aimed at increasing protection for retail investors who trade munis online would impose undue costs and administrative burdens on muni dealers, industry participants say.

The SEC Thursday charged Goldman, Sachs & Co. and one of its former investment bankers with "pay-to-play" violations involving undisclosed campaign contributions to then-Massachusetts state treasurer Timothy P. Cahill while he was a candidate for governor.

WHO: Jay Goldstone is the incoming chairman of the Municipal Securities Rulemaking Board.

Incoming MSRB chair Jay Goldstone plans to urge the board to review the effectiveness of muni rules and standardize cost-benefit analyses.