Washington

State and local government muni bond issuers whose pension obligations could either affect their ability to pay debt service or hurt their financial condition should consider disclosing more pension information in their official statements, the Government Finance Officers Association said in a new best practice document.

Municipal market participants are split over whether a proposal to tighten oversight of retail-order periods should specifically define types of orders that qualify as "retail."

Stratford Shields, managing director in Chicago at Morgan Stanley, has been elected chair of the Securities Industry and Financial Markets Association's Municipal Securities Division for a two year term, SIFMA announced Friday in a media release.

The Securities and Exchange Commission would impinge on the sovereignty of state and local governments if granted authority requested in its July 31 report on the municipal market, the Government Finance Officers Association is warning.

Lawyers for three former bankers convicted in May of rigging bids for municipal bond contracts have filed appeal notices with an appellate court. The appeals were filed late last week with the Court of Appeals for the Second Circuit in Manhattan by attorneys for Dominick Carollo, Steven E. Goldberg, and Peter Grimm, former employees at General Electric Co. affiliates.

The MSRB plans to study the idea of restricting, or possibly banning, contributions to bond-ballot campaigns by muni bond dealers.

Securities and Exchange Commission Chairman Mary L. Schapiro today issued a statement saying she is pleased that the nation’s securities markets were able to open Wednesday despite the devastation left by Hurricane Sandy.

The Municipal Securities Rulemaking Board plans to propose regulations that would require dealers to disclose more information about contributions to bond-ballot campaigns.

Eighteen muni market groups are urging the Obama administration to exempt Build America Bonds and other direct-pay bonds from sequestration.

Market participants whose electronic systems have been affected by Hurricane Sandy may want to notify the Municipal Securities Rulemaking Board.