SEC and IRS Agree to Work More Closely to Monitor the Municipal Market
Mar 5, 2010
On Tuesday, March 2, 2010, the Internal Revenue Service (IRS) and the Securities and Exchange Commission (SEC) signed a Memorandum of Understanding (MOU) setting forth an agreement to work more closely concerning the oversight of the municipal bond market. The SEC is coordinating its efforts through its Division of Trading and Markets, which includes the Office of Municipal Securities that is headed by Martha Mahan Haines, while the IRS is coordinating its work through the Tax Exempt Bond Office that is headed by Clifford Gannett.
The MOU covers oversight and enforcement activities related to the SEC's and IRS’s rules and regulations, as well as educational outreach. The signing of the MOU, which follows the SEC’s January announcement that it has established a specialized enforcement unit dedicated to activities related municipal markets and public pensions, may signal heightened interest by federal regulators in the municipal market.
To view the SEC’s press release concerning the agreement, please click here.