Legal Analysis

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Legal Analysis

California JPA Bond Risks: What Investors Need to Know About Joint Powers Authority Debt

Joint Powers Authorities have quietly become some of the most prolific bond issuers in California, channeling billions of dollars into workforce housing, infrastructure, and development projects. But a rising wave of defaults, regulatory warnings, and at least one spectacular fund collapse have exposed serious California JPA bond risks that many

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Legal Analysis

MSRB Rule D-15 Comment Letter: Opposing the RIA SMMP Exemption

Key Takeaways Attorney Gary Varnavides submitted a formal comment letter to the MSRB on February 2, 2026, opposing proposed amendments to Rule D-15 The proposed rule would exempt SEC-registered investment advisers from the customer affirmation requirement for SMMP status and presume qualifying RIAs meet the sophisticated municipal market professional definition.