(Reuters) - Administrative Law Judge James Kelly on Thursday ruled against the U.S. Securities and Exchange Commission in its efforts to convict two former JPMorgan bankers of violating one of the rules in the muni market designed to stop "pay-to-play" practices.
Kelly's 50-page "initial decision" also cast doubt on the SEC's position that it has authority in some cases to regulate derivatives even when they are not directly linked to a muni bond issue.
Read more at Reuters.com Bonds News
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