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"MSRB Proposes Amendments Establishing Municipal Advisor Professional and Supervisory Qualification Requirements"

On November 19, 2014, the Municipal Securities Rulemaking Board (MSRB) announced that it submitted for approval by the Securities and Exchange Commission (SEC) proposed amendments to MSRB Rule G-3 to establish professional...more

11/26/2014

"Arkansas Bans Corporate Contributions to Candidates and Prohibits Gifts From Lobbyists"

On November 4, 2014, Arkansas voters passed a constitutional amendment extending term limits for state legislators and tightening ethics laws. The amendment prohibits candidates from accepting corporate contributions,...more

11/11/2014 - Campaign Finance Reform Corporate Contributions Lobbyists Political Campaigns Political Contributions

"Post-Election Issues (Inaugurations, Transitions and Special Elections)"

Now that the 2014 mid-term elections are over, we must contend with special legal issues that arise from contributions to federal, state, or local inaugural or transition committees, paying for inaugural events and...more

11/11/2014 - Campaign Finance Reform CFTC Compliance Election Results PACs Pay-To-Play

"MSRB Releases Draft Amendments to Rule G-20 on Gifts, Gratuities and Noncash Compensation, Requests Comments"

On October 23, 2014, the Municipal Securities Rulemaking Board (MSRB) released Notice 2014-18 (the Notice), containing draft amendments to Rule G-20, with conforming changes to MSRB Rules G-8 and G-9 (required records and...more

11/6/2014 - Broker-Dealer Compensation & Benefits MSRB Municipal Advisers Municipal Securities Issuers Rule G-20

"SEC Approves MSRB's First Dedicated Rule for Municipal Advisors"

On October 23, 2014, the Securities and Exchange Commission (SEC) approved Municipal Securities Rulemaking Board (MSRB) Proposed Rule G-44, the MSRB's first dedicated rule for municipal advisors, with conforming changes to...more

11/5/2014 - Compliance MSRB Municipal Advisers Municipal Bonds SEC

"District Court Dismisses State Parties’ Challenge to SEC Rule 206(4)-5"

On September 30, 2014, Judge Beryl A. Howell of the U.S. District Court for the District of Columbia dismissed a challenge to the Securities and Exchange Commission's (SEC) Rule 206(4)-5 (Rule) for lack of subject matter...more

10/15/2014 - Appeals Investment Advisers Act of 1940 SEC Subject Matter Jurisdiction

"Mandatory Online Ethics Training for New York State Lobbyists"

On September 26, 2014, the New York State Joint Commission on Public Ethics (JCOPE) announced that “Ethics for Lobbyists,” an online ethics training course, is now available. The training course covers ethics rules and...more

10/6/2014 - Compliance Ethics Lobbying Lobbyists Training

"SEC Announces Municipal Advisor Examination Initiative"

On August 19, 2014, the Securities and Exchange Commission (SEC) announced that its Office of Compliance Inspections and Examinations (OCIE) will begin a two-year examination initiative (the initiative) through the National...more

8/22/2014 - Compliance FINRA Municipal Advisers OCIE SEC

"Massachusetts Revises Campaign Finance Law"

On August 1, 2014, Massachusetts Gov. Deval Patrick signed House Bill No. 4366 amending the state's campaign finance laws. The amendments, among other things, increase the contribution limit for individual contributors to...more

8/14/2014 - Campaign Finance Reform Political Campaigns

"State Parties File Legal Challenge Against SEC Rule 206(4)-5"

On August 7, 2014, the New York and Tennessee state Republican parties brought suit against the Securities and Exchange Commission (the SEC), challenging Rule 206(4)-5 (the rule). Specifically, the complaint seeks an...more

8/13/2014 - Compliance FEC Political Contributions SEC

"MSRB Actions Regarding Municipal Advisors: Release of Revised Draft Rule G-42 for Comment, and Submission of Proposed Rule G-44...

This mailing is to inform you of the Municipal Securities Rulemaking Board (MSRB) releasing Revised Draft Rule G-42 (setting forth duties of non-solicitor municipal advisors) for public comment, and submitting Proposed Rule...more

8/6/2014 - Banks Conflicts of Interest Disclosure Requirements MSRB Municipal Advisers Rule G-42 Rulemaking Process SEC

"SEC Issues Fine in Pay-to-Play Rule and Registration Requirement Violation Case"

On June 20, 2014, the Securities and Exchange Commission ("SEC") censured and fined investment adviser TL Ventures Inc. for violating the SEC's pay-to-play rule, Rule 206(4)-5 (the "Rule"), and failing to properly register...more

6/25/2014 - Compliance Enforcement Actions Investment Advisers Act of 1940 Pay-To-Play Registration SEC

"Developments Regarding Aggregate Contribution Limits"

In the aftermath of the U.S. Supreme Court's decision in McCutcheon v. FEC, striking down the aggregate limits imposed on individual contributions under federal law, several jurisdictions also have taken steps to address...more

6/18/2014 - Aggregation Rules Campaign Finance Reform FEC McCutcheon v. FEC Political Contributions SCOTUS

"MSRB to Survey Municipal Advisors to Develop Professional Qualification Examination"

Today, the Municipal Securities Rulemaking Board (MSRB) announced that it will distribute a confidential electronic survey to registered municipal advisors to assess the business activities of municipal advisory...more

6/5/2014 - Compliance MSRB Municipal Advisers Municipalities

"SEC Issues New FAQs on Municipal Advisor Rule"

On May 19, 2014, the SEC issued an updated set of FAQs on the rule defining and requiring municipal advisors to register with the SEC (the Rule). The updated FAQs provide clarification on several important issues for certain...more

5/30/2014 - Banks Bonds Broker-Dealer Dodd-Frank Due Diligence Final Rules Market Participants Municipal Advisers Municipal Bonds Municipal Securities Issuers Municipal Securities Market Pensions SEC

"New York Public Corruption Reform Updates"

Numerous endeavors have been undertaken recently to investigate and combat political corruption in New York that could result in more enforcement of political corruption laws in the state. Specifically, this mailing discusses...more

5/15/2014 - Campaign Finance Reform Moreland Commission Political Corruption

"Virginia Adopts New Gift Law"

On April 23, 2014, Virginia adopted Senate Bill 649 amending the state's ethics laws. Effective July 1, 2014, the amendments, among other things, impose a gift limit on certain government officers and employees from...more

4/29/2014 - Corporate Gifts Ethics Public Employees Public Officials

"Recent Developments in Aggregate State Contribution Limits After Supreme Court’s Decision in McCutcheon v. FEC"

On April 2, 2014, the U.S. Supreme Court issued its decision in McCutcheon v. FEC, striking down the aggregate limits imposed on individual contributions under federal law. Although this decision cannot necessarily be read to...more

4/18/2014 - Campaign Contributions Campaign Finance Reform First Amendment McCutcheon v. FEC PACs SCOTUS

"Supreme Court Strikes Down Federal Aggregate Limits on Campaign Contributions"

On April 2, 2014, the U.S. Supreme Court issued its decision in McCutcheon v. FEC, striking down the aggregate limits imposed on individual contributions under federal law. The 5-4 opinion held that the individual aggregate...more

4/3/2014 - Aggregation Rules FEC McCutcheon v. FEC Political Contributions SCOTUS

"MSRB Proposes Professional Qualification Requirements for Municipal Advisors; Approves New Consolidated Registration Form"

Proposed Professional Qualification Requirements for Municipal Advisors - On March 17, 2014, the MSRB proposed draft amendments to Rules G-2 and G-3 which would, among other things, establish professional qualification...more

3/27/2014 - Consolidated Registration Rule MSRB Municipal Advisers

"Government Affairs and Government Procurement: Pressure to Comply Continues to Grow in 2014"

With increased attention to transparency in corporate political spending, disclosure of so-called “dark money” and a new rule for municipal advisors, corporations and other organizations active in government affairs or...more

1/29/2014 - Compliance Disclosure Requirements Municipal Advisers Pay-To-Play SEC Shareholder Activism Shareholder Litigation Shareholders Transparency

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