MSRB Proposes Municipal Advisor Supervisory Rule
On February 25, the Municipal Securities Rulemaking Board (“MSRB”) proposed new Rule G-44 imposing a supervision and compliance requirements for Municipal Advisors (“MA’s”). The Dodd-Frank Act imposed...
View ArticleThe SEC’S New Municipal-Advisor Rules Go Effective July 1
The SEC’s new MA Rules become effective July 1, 2014, 17 CFR 240.15Ba1-1 through 1-8 and 15Bc4-1. Required by Dodd-Frank § 975, the Rules were adopted last year, but the SEC postponed their...
View ArticleOCIE Announces Exam Initiative for Newly-Registered Municipal Advisors
The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced August 19 a two-year, three-phase examination initiative targeting newly-registered municipal advisors. SEC Press Rel....
View ArticleSEC Approves Supervision & Compliance Rule for Municipal Advisors
The SEC last week approved new MSRB Rule G-44 implementing supervision and compliance requirements for municipal advisors. The MSRB touted the Rule as “its first dedicated rule for municipal advisors”...
View ArticleThe SEC’s Telling Enforcement Shift
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 made numerous, and significant, changes to the Securities and Exchange Commission’s regulatory powers particularly with respect to...
View ArticleSEC Seeks Chevron Deference to Unnecessary Ruling that Dodd-Frank 180-Day...
In a brief filed last week, the SEC urged the D.C. Circuit to give Chevron deference to the Commission’s unnecessary conclusion that Congress’s 180-day enforcement deadline doesn’t matter. The...
View ArticleSEC Files 1st Action Over Anti-Whistleblower Confidentiality Clause
Not April Fool’s for one public-company registrant, as the SEC filed its first settled action today over corporate confidentiality provisions that run afoul of Dodd-Frank whistleblower protections....
View ArticleTone-Deaf SEC Asks ALJ in Secret Whether Agency Pressured Him
For over a year, critics have questioned the fundamental fairness of the SEC’s administrative forum, including whether the Agency should act as prosecutor, judge and jury. Even as criticisms mount, the...
View ArticleSeventh Circuit Affirms No Jurisdiction on Challenge to SEC Admin Courts
The first Court of Appeals to rule in the recent round of challenges to the Securities and Exchange Commission’s administrative enforcement mechanism has held courts lack authority to consider the...
View ArticleMSRB Issues Compliance Advisory for Municipal Advisors
Last Thursday, November 12, the MSRB published its Compliance Advisory for Municipal Advisors (“MA’s”). The new MA regulatory regime was imposed by Dodd-Frank and implemented by the MSRB and SEC over...
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