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The Municipal Securities Rulemaking Board has agreed to clarify certain definitions and extend the effective date for proposed rule changes on complaints in response to market participants' concerns, but will not move forward with changes to address several other issues participants raised.
January 11 -
The Port Authority of New York and New Jersey has agreed to admit wrongdoing and pay a $400,000 penalty to settle Securities and Exchange Commission charges that it failed to disclose risks associated with New Jersey road projects to the investors that bought the bonds to finance them.
January 10 -
The Municipal Securities Rulemaking Boards net assets in fiscal 2016, similar to those for the previous year, are still close to triple where they were in 2010, even after a $5.5 million rebate the self-regulator gave dealers this past year.
January 9 -
The Campaign Legal Center is trying to convince a federal court overseeing a challenge brought by Republican groups that the Municipal Securities Rulemaking Boards rule changes to prevent municipal advisors from engaging in pay-to-play practices are legal and needed to address the potential for corruption in the municipal market.
January 6 -
The Financial Industry Regulatory Authority's enforcement priorities for 2017 will include ensuring municipal advisors are properly registered with regulators, checking broker-dealers' compliance with best execution requirements, and monitoring firms' efforts to avoid unsuitable recommendations of securities.
January 5 -
President-elect Donald Trumps pick of New York lawyer Jay Clayton to lead the Securities and Exchange Commission represents a balanced choice for the agency in line with Trumps focus on deregulation but municipal participants will likely have to wait to find out what impact he may have on the muni market, individuals and groups said.
January 4 -
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.
December 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.
December 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.
December 22 -
We take a deeper look at material information that is reasonably accessible that should be disclosed at or before the time of trade.
December 21Lumesis Inc.