- SEC Approves Amended MSRB Rule G-40 on Advertising by Municipal Advisors, Related Amendments to MSRB Rule G-8(h) on Books and Records to be Made by Municipal Advisors and Related Updates to the MSRB’s FAQs regarding the Use of Social Media.
- Broker-Dealer Settles FINRA Charges for Failing to Properly Supervise Bond Sales to Affiliate.
- SEC Approves MSRB Amendment to Allow Testimonials in Muni Advisor Advertisements.
- Ken Paxton Raises Legal Concerns on Austin’s Financial Model for Project Connect.
- Krupka v. Stifel Nicolaus & Co., Inc. – After California bond purchasers sued bond underwriter in Missouri state court alleging negligent due diligence and resulting misrepresentations in the offering memorandum and the underwriter removed the case to the District Court under the Class Action Fairness Act (CAFA), the District Court declined to remand the matter back to the state court under CAFA’s securities exception.
- And finally, “I Pledge Allegiance…” is brought to us this week by White v. Harkrider, in which sheriffs’ deputies were, “involved in the investigation of a single-car accident in which the driver drove away from the scene.” The deputies, “noted a beer can on the road and unused rifle ammunition in the ditch.” Much like the fact that the national bird was originally meant to be a turkey before that eagle flew into the picture (true story), the American flag was originally meant to be a beer can on the road and unused rifle ammunition in the ditch (perhaps less true story) until it became painfully clear that Betsy’s skills were limited to the strictly geometric.