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Securities and Exchange Commission enforcement officials are expected to focus on disclosure and pricing abuses as well as increase their oversight of municipal advisors during the coming year, according to regulators and market participants.
By Jack CaseyDecember 28 -
In the regulatory and legislative arenas next year, dealers will have to grapple with how to set up compliance programs for markup disclosure rules while municipal advisors try to adjust to the many rules adopted in 2016 and issuers work to improve disclosure to stave off legislation.
By Jack CaseyDecember 27 -
Ross Sinclaire & Associates has agreed to pay $250,000 and to disgorge ill-gotten gains to settle muni rules violations with the Financial Industry Regulatory Authority after it improperly acted as a financial advisor and underwriter on the same muni issuances. The Cincinnati-based firm also failed to disclose material facts in offering documents and was late in filing underwriting disclosures with regulators, FINRA said.
By Jack CaseyDecember 22 -
SEC sues, U.S. Attorney indicts former official of New York State Common Retirement Fund and two brokers over pay-to-play scheme.
By Jack CaseyDecember 21 - Puerto Rico
Congress should further debate the effectiveness of Securities and Exchange Commission and Municipal Securities Rulemaking Board rules governing the failure to comply with municipal securities disclosure requirements, a congressional task force on Puerto Rico recommended.
By Jack CaseyDecember 20 -
The Municipal Securities Rulemaking Boards rule changes to prevent municipal advisors from engaging in pay-to-play practices are constitutional and comply with federal statutes, contrary to the claims of three Republican groups, the MSRB told a federal appeals court on Monday
By Jack CaseyDecember 20 -
Market groups and firms are asking the Municipal Securities Rulemaking Board to rethink proposed rule changes related to complaints, saying they should be adapted to better fit the differences in the relationships that municipal advisors have with clients and dealers have customers.
By Jack CaseyDecember 14 -
The Securities and Exchange Commission will not bring any more settlements under its Municipalities Continuing Disclosure Cooperation initiative and will instead focus on those underwriters and issuers that did not voluntarily disclose violations under the MCDC.
By Jack CaseyDecember 13 - Washington
While Puerto Rico is at a crossroads, it must file for restructuring as soon as possible and work with the federal government to help resolve the commonwealths fiscal crisis, said outgoing Puerto Rico Gov. Alejandro García Padilla.
By Jack CaseyDecember 13 -
Former Miami budget director Michael Boudreaux plans to ask a federal district court by Jan. 3 to vacate a jurys verdict that he was guilty of securities fraud, according to his lawyer.
By Jack CaseyDecember 12