In the first half of 2024, the Financial Industry Regulatory Authority (FINRA) issued several fines and suspensions against participants in the municipal market, including for violations of its registration, reporting,...more
7/26/2024
/ Broker-Dealer ,
Department of Justice (DOJ) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
MSRB ,
Municipal Securities Market ,
Proposed Rules ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
2023 MID-YEAR REVIEW -
In the first half of 2023, several rule changes have been proposed by the Municipal Securities Rulemaking Board (MSRB) and the U.S. Securities and Exchange Commission (SEC), including changes to...more
8/1/2023
/ Broker-Dealer ,
Cybersecurity ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Financial Industry Regulatory Authority (FINRA) ,
MSRB ,
Municipal Securities Issuers ,
Municipal Securities Market ,
SASB ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Regulation
Summary -
The Securities and Exchange Commission (SEC) recently announced enforcement proceedings against four municipal market underwriters for alleged violations of municipal bond disclosure requirements. Three of the...more
Summary -
Two pending proposals could significantly affect how mutual and other funds approach their ESG investments in municipal bonds. If adopted by the Securities and Exchange Commission, the proposals could result in...more
The municipal securities market carried its momentum from the first half of 2021 into a strong finish for the year against the backdrop of continued regulatory and enforcement actions. Despite new variants of COVID-19...more
Environmental, Social, and Governance (ESG) bonds have generated increasing investor demand, media attention, and regulatory focus over the past several years. ESG bonds, broadly encompassing “green bonds” and “social bonds,”...more
The municipal securities market started the first half of 2021 strong against the backdrop of regulatory and enforcement actions, all while the remnants of COVID-19 continued to impact travel, commerce, and the economy....more
Summary -
The U.S. Securities and Exchange Commission (SEC) announced that it has settled charges against an underwriter, its owner, and chief compliance officer for violations of MSRB Rules G-21 on misleading advertising...more
Beginning February 27, 2019, municipal market issuers and obligated persons must add the following two new events—relating to their indebtedness and financial health—to the list of reportable events in their continuing...more
The Securities and Exchange Commission’s (SEC’s) year-old Municipalities Continuing Disclosure Cooperation Initiative (MCDC Initiative or MCDC) has encouraged municipal securities issuers, borrowers, and underwriters to...more
The deadline for municipal issuers and obligated persons to self-report to the Securities and Exchange Commission (SEC) under its Municipal Continuing Disclosure Compliance (MCDC) Initiative any recent misstatements in...more
In response to concerns raised by industry participants, the Securities and Exchange Commission (SEC) has made some modifications to its Municipalities Continuing Disclosure Cooperation Initiative (MCDC Initiative). The SEC...more
8/1/2014
/ Disclosure Requirements ,
MCDC ,
Municipal Securities Issuers ,
Policy Violations ,
Securities ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Self-Reporting ,
Trade Associations ,
Underwriting
Multiple news outlets have reported that the U.S. Treasury Department has created an Office of State and Local Finance tasked with monitoring the distressed local government sector of the municipal finance market. Kent...more
Yesterday, the Securities and Exchange Commission’s (SEC) Enforcement Division introduced an initiative to encourage self-reporting by municipal securities issuers and underwriters of possible securities law violations...more
The Governor of Illinois last week signed into law legislation involving significant overhauls to the state’s pension system. The reform is intended to help stabilize both the pension system and the state's financial health...more
The Securities and Exchange Commission (SEC) recently charged the City of Harrisburg, Pennsylvania (the City), with misleading investors about its financial health in the annual State of the City Address, as well as in its...more
As market regulators press for stricter reporting guidelines for state and local governments concerning pension disclosure in public offerings, the Government Finance Officers Association (GFOA) is advocating that funding...more