Executive Summary -
On November 15, 2021, President Biden signed into law the Infrastructure Investment and Jobs Act (Public Law 117-58) (the “Act”). The Act provides for more than $550 billion in new infrastructure...more
As “Green Bond” designations become more prevalent in the public finance market, many health care providers are asking: Are Green Bonds Right for Me? Not all transactions are able to achieve designation as Green Bonds,...more
On Wednesday, September 15, 2021, the House Committee on Ways and Means advanced the infrastructure bill (also called the Build Back Better Act). Of particular interest to the public finance market are Subtitles F and G,...more
As a result of tax and other revenue deferrals and other Coronavirus-related stressors affecting state and local governments, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) announced on April 9,...more
The U.S. Securities and Exchange Commission’s (the “SEC”) Rule 15c2-12 (the “Rule”) requires an underwriter in a primary offering of certain municipal securities to reasonably determine that an issuer or obligated person (as...more
On May 4, 2020, the U.S. Securities and Exchange Commission (the “SEC”) released a Public Statement (the “Statement”) from Chairman Jay Clayton and Rebecca Olsen, Director of the SEC’s Office of Municipal Securities (“OMS”),...more
As a result of tax and other revenue deferrals and other Coronavirus-related stressors affecting state and local governments, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) announced on April 9,...more
As the Coronavirus outbreak continues to develop and persist, issuers of commercial paper have been challenged to access liquidity markets. Market disruption has led to the inability of issuers to access the commercial paper...more
Senior living providers long have considered the bond market to be a primary vehicle for financing. However, not all transactions are a good fit for tax-exempt bonds. State law issuer considerations, transaction and borrower...more
On August 20, 2018, the Securities and Exchange Commission (“SEC”) issued Release No. 34-83885 (the “Release”) adding two new events (the “New Events”) to the list of events that must be included in the continuing disclosure...more
8/30/2018
/ Amended Rules ,
Broker-Dealer ,
Compliance Dates ,
Disclosure Requirements ,
EMMA ,
Financial Obligations ,
MCDC ,
MSRB ,
Municipal Bonds ,
Municipal Securities Issuers ,
Municipalities ,
Rule 10b-5 ,
Rule 15c2-12 ,
Securities and Exchange Commission (SEC)
1. Background: Elimination of LIBOR by 2021 -
As has been widely publicized, on July 27, 2017, the U.K. Financial Conduct Authority announced that LIBOR (London Interbank Offered Rate) the longtime global interest rate...more
On March 1, 2017, the Securities and Exchange Commission (SEC) issued Release No. 34-80130 (the Release) proposing several amendments to its Rule 15c2-12 (the Rule) that would add two new events to the list of events that...more
On March 1, 2017, the Securities and Exchange Commission (“SEC”) issued Release No. 34-80130 (the “Release”) proposing several amendments to its Rule 15c2-12 (the “Rule”) that would add two new events to the list of events...more
3/14/2017
/ Annual Statements ,
Broker-Dealer ,
Disclosure Requirements ,
EMMA ,
Financial Statements ,
MSRB ,
Municipal Bonds ,
Municipal Securities Issuers ,
OMB ,
Proposed Amendments ,
Public Comment ,
Securities and Exchange Commission (SEC)
Our first post in this series examined the regulatory and contractual considerations for municipal securities issuers and conduit borrowers using shelf registration. Now we examine the equally important considerations for...more
Recently, a significant municipal issuer entered the market with its first sale under a $1 billion borrowing program that will use an offering statement style novel to the municipal market. For years, issuers of traditional...more
In responding to the Securities and Exchange Commission’s recent Municipalities Continuing Disclosure Cooperation (MCDC) initiative, the unanswered question for many municipalities and broker-dealers was determining whether...more
10/30/2015
/ Annual Filings ,
Broker-Dealer ,
Corporate Officers ,
Disclosure Requirements ,
Due Diligence ,
EMMA ,
Failure To Disclose ,
Failure-to-File ,
Insurance Industry ,
Material Misstatements ,
Materiality ,
MCDC ,
Municipal Securities Issuers ,
Municipal Securities Market ,
Municipalities ,
New Guidance ,
Omissions ,
Penalties ,
Policies and Procedures ,
Ratings ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Training
As highlighted in the SEC’s 2012 Municipal Market Report, the SEC has expressed significant concern that many issuers have not been complying with their obligation to file continuing disclosure documents and that federal...more
As highlighted in the SEC’s 2012 Municipal Market Report, the SEC has expressed significant concern that many issuers have not been complying with their obligation to file continuing disclosure documents and that federal...more
Recently, the SEC settled with the City of Harrisburg (City) over violations of Rule 10b-5 in connection with material misstatements and omissions made by the City in its public statements and financial information, during a...more
Participants in the municipal securities market should take particular interest in the appointment of Elisse B. Walter as chair of the SEC. Her close association with regulation of the municipal securities market makes it...more