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Category Archives: Regulatory Proposals

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The IRS’s Proposed ABLE Regulations: Obstacles to Launching State Programs, and Potential Solutions

Posted in Regulatory Proposals

By LEONARD WEISER-VARON The IRS’s recently-published proposed regulations for Section 529A qualified ABLE programs have taken some wind out of the sails of state program administrators and potential program managers who had hoped for regulations that hewed closer to the requirements in effect for qualified tuition programs under Section 529, on which Section 529A was… Continue Reading

IRS’s Proposed Section 529A Regulations for ABLE Programs: A Mixed Bag

Posted in Regulatory Proposals

By LEN WEISER-VARON The IRS today published, right on deadline, its proposed regulations relating to Section 529A state-sponsored “qualified ABLE programs,” under which  tax-advantaged investment accounts may be established to fund future “qualified disability expenses” of eligible disabled individuals. The regulations are detailed and this posting will not attempt to summarize them in their entirety. Rather,… Continue Reading

Securities Regulators Provide Good News, Not-so-Good News for Section 529 Programs

Posted in Regulatory Proposals

By LEN WEISER-VARON Municipal securities regulators this week provided previews of upcoming regulatory action that suggest that one issue of concern to Section 529 college savings programs will fade away while another one may appear on the horizon.   In Valentine’s Day testimony for the Senate Banking Committee, SEC Chairman Elisse Walter provided what may be the… Continue Reading

SEC Comforts Appointed Board Members of Municipal Issuers on Valentine’s Day

Posted in Regulatory Proposals

By LEN WEISER-VARON On February 14, 2013, SEC Chairman Elisse Walter at long last indicated, in testimony for the Senate Banking Committee, that the SEC’s final regulations regarding “municipal advisors” will “address ,,, the need for an exception” to the definition of “municipal advisor” for appointed board members of municipal securities issuers.  This acknowledgment came… Continue Reading

MSRB Proposes Rule G-47 on Time of Trade Disclosure Obligations

Posted in Disclosure, Regulatory Proposals

By LEN WEISER-VARON MSRB Rule G-17 has been interpreted by the MSRB as requiring a broker or dealer (“broker”) to  disclose to its customer, at or prior to the time of trade of a municipal security, all material information about the transaction known by the broker, as well as material information about the security that… Continue Reading

Unelected Board Members as Municipal Advisors: What is “Advice”?

Posted in Regulatory Proposals

BY LEN WEISER-VARON Various comment letters have been filed, and more are being prepared, on the can of worms opened up by the SEC’s December 20, 2010 interpretation that the term “municipal advisor” includes unelected board members of municipal entities who provide “advice” to the entity they serve regarding the issuance of municipal securities, swap… Continue Reading

Municipal Advisor Registration “Hysteria”

Posted in Regulatory Proposals

BY LEN WEISER-VARON Per today’s Bond Buyer, an “attorney who asked not to be named” dismissed as “hysteria”  concerns about whether unelected board members of municipal entities that issue bonds or invest public funds are currently, or will be, required to register with the SEC and MSRB as municipal advisors. As an arguable contributor to such “hysteria”… Continue Reading