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Money market mutual funds holdings of municipal bonds fell by nearly $42 billion dollars between the second quarter of this year and the same period last year, a change that is partially the result of soon-to-become-effective rule changes from the Securities and Exchange Commission.
By Jack CaseySeptember 16 - Puerto Rico
The Congressional Task Force on Economic Growth in Puerto Rico has been meeting with government agencies and gathering input from roughly 335 groups and individuals as it works to develop recommendations on how to address the commonwealth's struggling economy.
By Jack CaseySeptember 15 -
The securities fraud jury verdict against the city of Miami and its former budget director Michael Boudreaux on Wednesday will likely embolden the Securities and Exchange Commission to litigate rather than settle cases against issuers and their officials, lawyers said on Thursday.
By Jack CaseySeptember 15 -
The Securities and Exchange Commission has approved proposed rule changes from the Municipal Securities Rulemaking Board that would authorize the board to provide three-year old trade data for academic studies that would identify dealers in some way without naming them.
By Jack CaseySeptember 14 -
In a first-of-a-kind verdict, a Miami jury found on Wednesday that Miami and its former budget director, Michael Boudreaux, were guilty of securities fraud for faulty disclosures in connection with three 2009 municipal bond offerings.
By Jack CaseySeptember 14 -
The House Financial Services Committee on Tuesday passed a bill by a vote of 30 to 26 that would divert the funding the Municipal Securities Rulemaking Board gets from enforcement actions, remove the independence of the Securities and Exchange Commission's Office of Municipal Securities, and allow certain banks to be exempt from liquidity coverage ratio requirements.
By Jack CaseySeptember 13 -
Stifel, Nicolaus & Co. has preliminarily agreed to pay a penalty and disgorge ill-gotten gains to settle SEC charges that it misled five Wisconsin school districts, which ultimately lost $200 million from investments that failed during the financial crisis.
By Jack CaseySeptember 12 -
The Securities and Exchange Commission should consider obtaining registration and disclosure authority over corporate conduit borrowers in the municipal market, said SEC Commissioner Michael Piwowar.
By Jack CaseySeptember 9 -
The Securities and Exchange Commission on Friday announced that a subsidiary of BOK Financial Corp. that served as indenture trustee and dissemination agent for municipal conduit bonds previously tied to securities fraud has agreed to pay more than $1.6 million to settle charges that it helped to conceal numerous problems and red flags from investors in the securities.
By Jack CaseySeptember 9 - Puerto Rico
The Municipal Securities Rulemaking Board is urging a congressional task force to ensure Puerto Rico and its authorities follow five key principles with regard to their municipal debt, including voluntarily disclosing to investors information on bank loans, alternative financings, and other information that could affect their debt or credit profiles.
By Jack CaseySeptember 8