In the first half of 2024, the Financial Industry Regulatory Authority (FINRA) issued several fines and suspensions against participants in the municipal market, including for violations of its registration, reporting, disclosure, and testing requirements. The Securities and Exchange Commission (SEC) moved forward with litigation against municipal advisors for breaching their fiduciary duties and other federal securities law violations, including failure to register with the SEC and Municipal Securities Rulemaking Board (MSRB).