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
Property Assessed Clean Energy (“PACE”) has been maturing into a distinct asset class over the last decade. Foley has been involved in PACE since its early days, from highlighting the three early models program developers...more
3/30/2021
/ Dairy Farmers ,
Energy Efficiency ,
Federal Housing Administration (FHA) ,
Historic Preservation ,
Hospitals ,
Hotels ,
Manufacturing Facilities ,
Multi-Family Housing ,
PACE ,
Renewable Energy ,
Solar Energy ,
Special Assessments ,
Tax Credits ,
Tax Exemptions
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
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)
Property Assessed Clean Energy (“PACE”) programs continue to expand across the country. Most recently, on June 12, 2018, Pennsylvania enacted legislation to bring PACE energy programs to that state. This follows the adoption...more
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 December 9, 2016, the Department of the Treasury and Internal Revenue Service (IRS) published final regulations on the definition of “issue price,” for purposes of the arbitrage rules that apply to tax-exempt bonds....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)
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