Municipal Securities Regulation and Enforcement: 2022 Mid-Year Review and Look Ahead

The municipal securities market slowed during the first half of 2022 due to a variety of reasons including rising interest rates, reduced institutional demand resulting from municipal bond fund outflows, inflation and recession fears, and international tensions. Meanwhile, Environmental, Social, and Governance (ESG) bonds remained a hot municipal market topic, with ESG factors and objectives continuing to draw the curiosity and interest of municipal securities issuers, investors, and regulators. On the enforcement front, the Securities and Exchange Commission filed its first enforcement action alleging violations of Regulation Best Interest as well as a series of disclosure-related actions in connection with municipal bond offerings.

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