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The article reports on the concern about the provisions of variable rate demand obligation (VRDO) in the U.S. Money market fund officials warn that the inclusion of new terms in variable-rate debt transaction of some banks and issuers is difficult to monitor and limits bondholder's rights. They are also concerned about the negative effect of the changes in bond indentures for some deals on bondholders.

The article reports on the competitive sale of the Virginia College Building Authority's $148 million of educational facilities revenue bonds in Virginia. The authority's bonds are backed by a revenue pledge by the schools involved. The article also reports that Richmond will tap markets with a $46.2 million general obligation competitive bond sale to finance various capital projects.

The article focuses on several speculations concerning the various changes in the municipal securities market as regulators try to carry out mandates under the Dodd-Frank Wall Reform and Consumer Protection Act in the U.S. in 2011. It is said that additional funding is needed by the U.S. Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB) to fulfill their Dodd-Frank mandates. The initiative of the MSRB to address the funding-related issue is also cited.

The article offers information on the Municipal Securities Rulemaking Board (MSRB) and its online system Electronic Municipal Market Access (EMMA) in the U.S. It notes that MSRB became the only nationally recognized municipal securities information repository (NRMSIR) which provides an easy place to file data to issuers and agents through EMMA. Mark Stockwell of PNC Capitol notes that EMMA is a great tool for making the timely availability of disclosures to institutional and retail investors.

The article offers information on the approved amendments to the Rule 15c2-12 on disclosure from the Securities and Exchange Commission (SEC) in the U.S. According to the author, the changes would increment the quantity and convenience of municipal issuers' containing disclosure. Further, the author noted that these SEC's changes are the first significant expansion of the types of disclosures issuers.

The article reports on the importance of the financial regulatory reform to the municipal securities market in the U.S. It states that the reform changes the municipal securities market because it would lead to federal oversight pertaining to unregulated financial, swap and other advisers in the muni market. It infers that it is significant for the muni market because it would prohibit states and localities that have discretionary investment of less than 50 million dollars.

The article reports on the move of a federal bankruptcy court to conduct a hearing on the derivative contracts of Lehman Brothers Holdings Inc. in Manhattan, New York City. Lehman served as guarantor of 930,000 municipal and other contracts, and its subsidiaries Lehman Brothers Special Financing and Lehman Brothers Derivative Inc. were the counterparties. Lehman requested the court to assess the uncalculated termination payments of the contracts.

The article reports on the wide range of choices for candidates to lead agencies under President Barack Obama whose actions affect the municipal bond market in the U.S. Gary Gensler is a former Treasury Department official and partner at Goldman Sachs Group Inc. Roel Campos is a former commissioner at Securities and Exchange Commission (SEC) and is currently a partner at Cooley Godward Kronish LLP. Jane Garvey is a former head of the Federal Aviation Administration (FAA).

The article offers information on the efforts undertaken by the federal officials and lawmakers in addressing economic downturn in the U.S. According to Ron Stack, new chairman of the Municipal Securities Rulemaking Board (MSRB), the board is the one that provides fellow regulators with information, data and different alternative proposals aimed in improving the workings of the municipal market.

The article reports that the news of Lehman Brother Holding's bankruptcy and Merrill Lynch & Co's sale to Bank of America Corp. has stunned the municipal market on September 15, 2008. It led to immediate worries over the status of pending deals and unease. It is reported that Lehman Brothers announced that it would file for bankruptcy protection. Also it is stated that Lehman chief executive officer Richard Fuld had said that the firm had weathered the credit crunch.

The article reports on the plan to revise Rule 15c2-12 on disclosure to pave the way for a muni-Edgar system in the U.S. Securities and Exchange Commission (SEC) chairman Christopher Cox said that he would like the Municipal Securities Rulemaking Board (MSRB) to host the muni-Edgar system. If implemented, the MSRB-hosted muni-Edgar system would replace the four existing nationally recognized repositories that currently collect and make available issuers' secondary market disclosure documents.

The article reports on the aftermath of the 2006 U.S. midterm elections. The results has concluded Democrats' takeover of the House of Representatives and the Senate, which manifests Democrats control of the House for the first time since the 1994 Republican revolution. Many conservative analysts stated that it had less to do with declining support for the Republican Party and more to do with many voters' disillusion over Republicans.

The article reports on the plan of the federal government to resume the dissemination of data on producer prices as quickly as possible, in the case when a major terrorist attack strike in Washington D.C. The decision was made after it has become eminent that such information is vital to the smooth functioning of financial markets.

The article reports on the refusal of municipal issuers to allow underwriters to pass trade-group fees, the Securities Industry and Financial Market Association's muni assessment, to taxpayers through bond transactions in the U.S. California is not the only state that forbids fee shuffle because Wisconsin, Florida and New York City refused the imposition of the said fees. California Treasurer Bill Lockyer announces his plan to prohibit investment banks from imposing the said fees.

The article reports on the suggestion of Standard & Poor's managing director Robin Prunty for structural changes on the finances of states in the U.S. to avoid fiscal problems.

The article reports on the initiative of Municipal Securities Rulemaking Board (MSRB) to explore the state public pension laws to see if there are common types of disclosures for issuers to submit to its Electronic Municipal Access site in the U.S. The initiative comes when there is a concern on the viability of public pensions and no regulator compiles information on pensions. However, market participants warn that the MSRB is beyond its jurisdiction to consider enhanced pension disclosures.

The article offers information on the quarterly board meeting of U.S. Municipal Securities Rulemaking Board in San Diego, California in which the board was expected whether it should help financial institutions disclose more about their pension plans and liabilities.

The article reports on the fines issued by the Financial Industry Regulatory Authority (FINRA) to three companies including TD Ameritrade Inc., Scottrade Inc., and Fidelity Brokerage Services LLC. It mentions that FINRA fined the firms with the amount of 35,000 U.S. dollars for their failure to reveal the underlying ratings of their insured bonds. It also notes that the firms had accepted the sanctions given to them by FINRA without admitting or denying the findings of the self-regulator.

The article reports that the U.S. Government Accountability Office (GAO) warns on the shortfall of voluntary contributions from states and localities for the Governmental Accounting Standards Board (GASB). Also, the Securities and Exchange Commission (SEC) will vote on final rules for asset-backed securities. It notes that GASB has faced annual funding shortfalls of an estimated 4 million dollars annually but is filled by its parent organization, the Financial Accounting Foundation.

The article offers information on the plan of the U.S. Securities and Exchange Commission, to adopt rules requiring their appointed board members to register with the SEC, that could have a negative effect on the state and local entities. SEC's proposed rules for permanent registration originate from provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under Dodd-Frank, the registration requirements apply to all municipal advisers, providing advice to municipal entities.

The article reports on the move of the Senate Budget Committee to come up with a plan to address the state financial crisis in Washington, D.C. It states that Federal Reserve Board chairman Ben Bernanke was pressed on whether lawmakers should draft legislation that would allow states to file for bankruptcy. Moreover, the state and local fiscal crises could result in defaults on hundreds of billions of dollars of municipal bonds as projected by analyst Meredith Whitney.

The article reports on the move of bond issuers and their attorneys to have the proposed rules of the U.S. Securities and Exchange Commission (SEC) rejected. It notes that the rules enable the municipal advisers to demand appointed board members of municipal entities who attempt for an issuance of securities to register with the SEC and the Municipal Securities Rulemaking Board (MSRB). Issuers and their advisers are alleged to have warned for a chilling effect on finding volunteers if approved.

The article focuses on the increase of the bond transaction fees faced by Depository Trust Co. (DTC) in Washington. It mentions the negative reactions of the municipal issuers to DTC's overcollection of fees for bond transactions. Meanwhile, it also cites the move of the Government Finance Officers Association (GFOA) by requesting the Securities and Exchange Commission (SEC) to revise the said increase.

The article focuses on the lesser registration of municipal advisory firms with the Municipal Securities Rulemaking Board than the Securities and Exchange Commission (SEC) in the U.S.

The article reports on the approval by the Securities and Exchange Commission (SEC) to the proposal by the Municipal Securities Rulemaking Board (MSRB), which increases fees collected from industry dealers in the U.S. According to the SEC, the fee increase will defray the expenses of MSRB which were incurred in the previous fiscal years. Despite the opposition of industry groups, the board has already charged advisers annual fees, the SEC has noted.

The article reports on the request of National Federation of Municipal Analysts (NYMA) to market participants in Washington. On December 21, 2010, NYMA releases a white paper that urges market participants to carefully assess feasibility studies and appraisals used by issuers to evaluate the viability of projects funded by bonds. Mesirow Financial Inc. managing director Peter Bianchini believes of the need to examine the documents because some do not provide all the information needed.

The article reports on the concern of the U.S. Securities and Exchange Commission and the Municipal Securities Rulemaking Board about the possible impact of the separate registration systems on municipal advisers.

The article reports on the charge of indictment filed by the U.S. Department of Justice against CDR Financial Products Inc. and three current and former officials that expands the October 2009 case of honest services fraud in Washington D.C. It reveals that the indictment was re-filed the same day that federal regulators announced a 137 million dollar settlement with Bank of America Corp. and Merrill Lynch & Co. It also notes that the CDR case involves alleged kickbacks.

The article announces the move of the Municipal Securities Rulemaking Board (MSRB) in Washington to study the municipal market with an emphasis on pre-transaction pricing efficiency and liquidity. According to Elisse Walter, Securities and Exchange Commission (SEC) member, she is delighted that MSRB has decided to review the pricing issues as it seeks to improve the quality of the municipal market for investors. Also included are testimonials of retirees during a SEC hearing on December 7, 2010.

The article reports on the plan of the U.S. Municipal Securities Rulemaking Board (MSRB) to propose a draft pay-to-play rule for municipal advisers by the end of December 2010. According to chairman Michael Bartolotta, the rule would restrict advisers from engaging in or soliciting business from municipal entities when an adviser has made certain political contributions to municipal officials responsible for the awarding of business.

The article reports on the issues to be discussed at the Municipal Securities Rulemaking Board (MSRB) members meeting in the U.S. It states that the members of the MSRB will discuss the extension of existing dealer pay-to-pay restrictions to municipal advisers and elaborate on the fiduciary duty. It also mentions that the MSRB plans to take-up on the proposal to alter the Rule G-37 on the political contributions.

The article reports on the increase of the expenses of Municipal Securities Rulemaking Board (MSRB) in the U.S. due to the expansion of its information systems. It states that the expenses of MSRB have increased to 21.3 million dollars which are expected to increase in 2011 and 2012. It also mentions that MSRB is seeking permission to increase the value of bonds.

The article reports on the debate among financial market participants over the Municipal Securities Rulemaking Board's (MSRB) proposal to ban dealers from underwriting new negotiated or competitive bond deals if they acted as the issuer's financial adviser (FA) in the U.S. It says that some FAs claimed the proposal would reduce competition among dealers vying for small and often-unrated issuers' bonds. The statement of Jim Jones of Crews & Associates Inc. concerning the issue is offered.

The article reports that Municipal Securities Rulemaking Board (MSRB) has proposed municipal securities broker's broker (MSBB) guidance to impede interdealership of Securities Industry and Financial Markets Association (SIFMA) in the U.S. in September 2010. Leslie Norwood, managing director of SIFMA, has offered alternative statements for purchase of municipal securities. Sophisticated Municipal Market Professionals (SMMP) is highlighted in preventing illegal buying and selling securities.

The article reports on the call of three trade groups for the Securities and Exchange Commission (SEC) to assert jurisdiction on the dispute over the Committee on Uniform Security Identification Procedures (CUSIP) Service Bureau in the U.S. The Bond Dealers of America, the Investment Adviser Association, and the Government Finance Officers Association have urged the SEC to prevent the CUSIP from charging unreasonable fees. A brief overview of the CUSIP's responsibilities is provided.

The article reports on the move of industry groups to urge the U.S. Securities and Exchange Commission (SEC) to dismiss a proposal from the Municipal Securities Rulemaking Board to offer it with an additional 17 million U.S. dollars in annual revenue by increasing the amount of transaction fees collection from dealers.

The article reports on the call of the industry groups for the Municipal Securities Rulemaking Board (MSRB) to reject the proposal to change the Rule G-37 for municipal securities dealers in the U.S. The proposed changes require municipal securities dealers to disclose the names of political action committees handled by holding companies or other affiliates. It also mentions the view of the Securities Industry and Financial Markets Association on the implications of the proposed changes.

The article reports on the demand of the U.S. Securities and Exchange Commission (SEC) member Elisse Walter to do away with the exemptions for municipal debt in the federal securities laws. However, Walter would not want the SEC to collect bond documents from issues prior to issuance. It states that it is politically untenable that the SEC would try to repeal the Tower Amendment, which prohibits the commission from collecting documents from municipal issuers prior to their bond sales.

The article reports on the implications of Republican Spencer Bachus' Financial Services Committee chairmanship on municipal markets in the U.S.

The article reports that the study released by Richard Ciccarone, president and chief executive officer of Merritt Research Services LLC, shows that municipal issuers takes 146.6 days to complete their fiscal yearned audits in Washington. It states that government borrowers are slow in filing, while wholesale electric utilities and nonprofit hospitals are the fastest. Ciccarone notes that muni investors are left vulnerable to important disclosure information.

The article discusses the proposals filed by the Municipal Securities Rulemaking Board (MSRB) in Washington with the Securities and Exchange Commission (SEC) to extend its rules on fair-dealing, disciplinary actions, and administrative requirements to municipal advisers. It cites that the law mandates SEC registration and MSRB oversight of advisers that help municipal borrowers on financial products or securities, which bond attorneys ask guidance on their registration as advisers.

The article reports on the impact of John McNally's appointment as new president of the U.S. National Association of Bond Lawyers (NABL) on the organization's overall performance in 2010. It states that the members of NABL considered his appointment as a perfect timing due to the increasing issue of disclosure within the group. It notes that his expert knowledge on securities laws and familiarity with municipal securities practices will help to address the conflicting issues of disclosure roles.

The article reports on the plan of the Municipal Securities Rulemaking Board (MSRB) to file rule changes with the Securities and Exchange Commission (SEC) that bans the practice of allowing a dealer-financial adviser (FA) to resign but continues to underwrite the same municipal securities transaction in the U.S. It states that the proposed changes to the MSRB's Rule G-23 will be the same as the draft changes that ban role-switching for negotiated and competitive transactions.

The article reports on the terms and conditions of Standard & Poor's Corp. to rate municipal bond deals on the condition that the bond issuer in the U.S. agrees to accept greater liability. It notes that the concerns about the condition stipulated in the contract have simmered for four weeks and are similar to the indemnification language that Moody's Investors Service Inc. sought from issuers. It also notes that the condition imposes a huge burden on the issuer.

The article focuses on the concern of market participants on whether some of its public representatives are really independent from regulated dealers and advisers in the U.S. It mentions the first meeting of the Municipal Securities Rulemaking Board (MSRB) wherein they plan to discuss comments on the draft changes to the Rule G-23, which prohibits underwriters to act as financial advisors. It adds that Mary Schapiro, chairman of the Securities and Exchange Commission (SEC), will alter G-23.

The article presents the views of the chairman of First Southwest Co. Michael Bartolotta on the new regulation of Municipal Securities Rulemarking Board (MSRB) in the U.S. Bartolotta believes that the MSRB's new rule will be fair and balanced to all regulated market participants. Further he states that the MSRB will work to ensure a fair regulatory playing field among dealers and advisers.

The article reports on the effort of Lynette Hotchkins, executive director of the U.S. Municipal Securities Rulemaking Board (MSRB), to outline the concerns on the regulatory burdens that might be faced by the board. It states that the board is not subject to the freedom of information laws and has made its members concerned on releasing the details of the deliberations. It also mentions that small advisers must not anticipate the exemptions from the MSRB.

The article focuses on the significance of the pension-fund accounting and financial reporting standards proposed by the Government Accounting Standards Board (GASB) in the U.S. It highlights the GASB planned series of public hearings in the second week of October 2010 for the preliminary draft of its proposal which is designed to boost the disclosure of public pension liabilities. It notes that GASB has received 183 comments on the preliminary views document from the state and local issuers.

The article reports on the reactions of market participants to the draft proposal of Municipal Securities Rulemaking Board to prohibit dealers from underwriting new negotiated or competitive bond issues in Washington. It explains that dealers are prohibited when they act as financial adviser on the transaction in the state. It states that the board receives 70 comment letters in response to the proposal altering the Rule G-23.

The article offers developments related to the Municipal Securities Rulemaking Board's (MSRB) activities in Washington. On October 1, 2010, it announced new members of its majority-public board, including Orrick Herrington & Sutcliffe LLP senior counsel Robert Fippinger and attorney Christopher Trower. Moreover, the agency also proposed to increase the annual subscription of its Real-Time Transaction Price Service and its Comprehensive Transaction Price Service annual fee.