In a May 4 joint public statement, SEC Chair Clayton and Municipal Securities Office Director Rebecca Olsen urged municipal issuers to make voluntary disclosures specific to issuers, and their various outstanding municipal...more
On April 9, the Municipal Securities Rulemaking Board (“MSRB”) filed with the SEC a temporary rule change that waived certain late fees and delayed some key compliance deadlines....more
The Municipal Securities Rulemaking Board (“MSRB”) on April 2 published its statistical analysis and list of COVID-19 continuing disclosures filed by municipal issuers during the first quarter of 2020. Of 43,667 disclosures,...more
The two remaining SEC Commissioners agreed March 1 to propose amendments “requiring” municipal securities issuers to disclose non-security financial obligations and material events occurring in other outstanding obligations....more
On August 24, the SEC announced settled administrative actions against 71 state and local issuers arising from $3.7 trillion in municipal securities offerings. The Commission alleged the issuers made false statements...more
9/6/2016
/ Administrative Proceedings ,
Cease and Desist Orders ,
Disclosure Requirements ,
Enforcement Actions ,
False Statements ,
Financial Markets ,
MCDC ,
Municipal Bonds ,
Municipal Securities Issuers ,
Municipal Securities Market ,
Sanctions ,
Securities and Exchange Commission (SEC)
The Municipal Securities Rulemaking Board (“MSRB”) issued a concept release last month suggesting that market transparency trumps the direct Congressional prohibition against federal regulations requiring filing of...more
On September 30, the SEC issued its second round of mass settled actions over municipal securities disclosure issues, as part of its Municipal Continuing Disclosure Cooperation (“MCDC”) Initiative. In this round, 22 municipal...more
The Municipal Securities Rulemaking Board (“MSRB”) announced September 2 that it has submitted for SEC approval proposed amendments extending its gift-limitations Rule G-20 to municipal advisors.
In general, the Rule...more
FINRA issued its late-July Regulatory Notice 15-27 warning brokerage firms that inadvertent short positions or fail-to-delivers in municipal securities trading can create situations where the member-firm pays a customer...more
8/4/2015
/ Brokerage Accounts ,
Compliance ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
IRS ,
Municipal Bonds ,
Municipal Securities Issuers ,
Municipal Securities Market ,
Regulatory Standards ,
Tax Deductions ,
Tax Exemptions
The Securities Exchange Commission announced June 18 the first major wave of underwriter sanctions under its Municipalities Continuing Disclosure Cooperation (“MCDC”) Initiative. The SEC sanctioned 36 municipal underwriting...more
6/22/2015
/ Check the Box Rules ,
Compliance ,
Disclosure Requirements ,
Dodd-Frank ,
MCDC ,
Municipal Securities Issuers ,
Municipal Securities Market ,
Municipalities ,
Sanctions ,
School Districts ,
Securities ,
Securities and Exchange Commission (SEC) ,
Underwriting
The SEC continues to ramp up its Enforcement efforts in the municipal-securities realm. The agency announced a series of settled actions on November 6....more
State or local government entities, special tax districts, hospital districts and other municipal bond issuers face a December 1 deadline to respond to the SEC Enforcement Division’s “Municipalities Continuing Disclosure...more
The SEC recently announced another issuer settlement under its Continuing Disclosure Cooperation Initiative (see our blogs First Settled Proceeding (July 23, 2014). In this settled action, Kansas consented to the standard...more
The SEC announced July 8 its first settled administrative proceeding against a municipal issuer under its Municipal Continuing Disclosure Cooperation (“MCDC”) Initiative. In its Order, the SEC charged Kings Canyon Joint...more