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Municipal Advisers

Venable LLP

2024 SEC Division of Examinations Priorities Summary

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The SEC’s Division of Examinations got a head start this fiscal year, announcing its 2024 Examination Priorities (2024 Priorities) at the beginning of the fiscal year for the first time. This novel approach likely signifies...more

Goodwin

SEC Sanctions Broker for Failure to Register as Municipal Advisor and for Inadequate Procedures to Ensure Registration: A Reminder...

Goodwin on

​​​​​​​On September 14, 2022, the SEC announced a settled administrative order, also dated September 14 (“Order”), imposing penalties, including a $100,000 fine, on a registered broker (the “Broker”) for failing to (1)...more

Ballard Spahr LLP

SEC Risk Alert for Municipal Advisors Highlights Key Compliance Issues

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Summary - The Security and Exchange Commission last month released a Risk Alert to notify municipal advisors of key compliance issues. The SEC’s Division of Examinations adds client disclosure concerns to the list of most...more

Best Best & Krieger LLP

California Attorney General Clarifies Use of Premium From Sale of School District General Obligation Bonds

Premium Must Be Used for Debt Service Repayment - Until recently, there has been uncertainty surrounding premium generated from new money school district general obligation bonds – can the premium be used to pay certain...more

Orrick, Herrington & Sutcliffe LLP

Tax-Exempt Lending to Governments and Nonprofits; Bank Loans and Direct Purchases of Municipal Securities

Commercial banks and other financial institutions (“lender” or “lenders”) have historically provided financing to both governmental entities and nonprofits on a tax-exempt basis through loans and direct purchases of municipal...more

ArentFox Schiff

LIBOR Transition: (Bet You Didn't Know) Municipal Advisors’ and Underwriters’ Duties

ArentFox Schiff on

Municipal advisors, as well as other regulated entities, should be aware of their general obligations under Federal securities laws and MSRB Rules when formulating advice about securities or products, in particular if it...more

Jones Day

SEC's Division of Examinations Issues 2021 Examination Priorities

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The Situation: The U.S. Securities and Exchange Commission's ("SEC") Division of Examinations (the "Division") issued its 2021 examination priorities ("2021 Exam Priorities"). The Result: The 2021 Exam Priorities set...more

Dechert LLP

SEC Publishes OCIE Risk Alert on LIBOR Transition Preparedness Examination Initiative

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The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations issued a National Exam Program Risk Alert on June 18, 2020 (Risk Alert), which introduces an examination initiative on the upcoming...more

Goodwin

U.S. SEC Grants Muni Advisors A Temporary, Limited Exemption From Broker-Dealer Registration

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On June 16, 2020, the U.S. Securities and Exchange Commission (SEC) granted registered municipal advisors (MAs) a temporary, limited exemption (Exemption) from broker-dealer registration to the extent that they solicit banks...more

Goodwin

Financial Services Weekly Roundup: Code Libor – SEC And OCIE Issue Risk Alert In Preparation Of Libor Discontinuation

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In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more

Burr & Forman

SEC Temporarily Allows Municipal Advisors to Solicit Direct Placements

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On June 16, the SEC issued a temporary exemptive order, allowing registered municipal advisors to solicit banks, their wholly-owned commercial lenders and credit unions in connection with direct placements by municipal-issuer...more

Jones Day

Temporary Exemption From Broker Registration for Municipal Advisors

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The U.S. Securities and Exchange Commission ("SEC") has granted a temporary exemption from broker registration for certain activities by municipal advisors. On June 16, 2020, the SEC issued a temporary conditional...more

Orrick, Herrington & Sutcliffe LLP

SEC Order dated June 16, 2020 (the "Order") Granting Temporary Conditional Exemption to Municipal Advisors to Engage in the...

To increase access to liquidity for smaller municipal issuers facing unprecedented budget shortfalls and loss of revenues as a result of the COVID-19 virus, on June 16, 2020 the SEC issued an Order granting a limited and...more

Sherman & Howard L.L.C.

Quarterly Regulatory Update- April 2020

Several regulatory developments that affect the municipal markets took place in the first quarter of 2020, almost all of which were informed by the COVID-19 pandemic. In my Quarterly Regulatory Update, I have summarized the...more

Holland & Hart LLP

10th Circuit Affirms FINRA Arbitration Award—Adopts Face-of-the-Award Rule

Holland & Hart LLP on

On April 14, 2020, the 10th Circuit U.S. Court of Appeals adopted the “face-of-the-award” rule for dealing with arbitrator errors in damage calculations under Section 11(a) of the FAA, affirming the district court’s refusal...more

Burr & Forman

Cyber Still Atop Exam Priorities

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FINRA held its bi-annual Cybersecurity Conference in January and recently published five take-away real-world experiences from the conference...more

Society of Corporate Compliance and Ethics...

SEC Office of Compliance Inspections and Examinations announces 2020 examination priorities

ethikos 34, no. 2 (February 2020) - In January, the U.S. Securities and Exchange Commission (SEC) announced its 2020 examination priorities, published annually “to enhance the transparency of its examination program and to...more

Dechert LLP

OCIE Releases 2020 Examination Priorities

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The 2020 Examination Priorities of the Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission were announced on January 7, 2020, and cover eight broad topics: - Protection...more

Sheppard Mullin Richter & Hampton LLP

The SEC’s 2020 Examination Priorities

On January 7, 2020, the Securities and Exchange Commission (“SEC”) released its 2020 examination priorities, an annual report by the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) meant to apprise the public...more

Jones Day

OCIE Publishes Its 2020 Examination Priorities

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The Situation: The U.S. Securities and Exchange Commission's ("SEC") Office of Compliance Inspections and Examinations ("OCIE") issued its 2020 examination priorities ("Exam Priorities"). The Result: The Exam Priorities...more

Dorsey & Whitney LLP

SEC Exam Priorities For RIAs and ICs

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The Exam Priorities of the SEC’s Office of Inspections and Compliance or OCIE, announced on January 7, 2020 (the “Exam Priorities”), should be a key area of focus for every investment advisor and investment company. The Exam...more

Orrick, Herrington & Sutcliffe LLP

SEC Proposes New Guidance on Role of Municipal Advisers in Private Placements

In response to the proliferation of direct placements of municipal securities with financial institutions over the past decade, the Securities and Exchange Commission (SEC) has proposed a regulatory change to clarify the role...more

Sherman & Howard L.L.C.

Quarterly Municipal Regulatory Update

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In the third quarter of 2019, the municipal securities industry saw new regulatory activity relating to underwriters’ disclosure obligations, new enforcement matters, and the private placement of municipal securities. Below,...more

Jones Day

SEC Proposes Exemption From Broker Registration for Certain Municipal Advisors - The U.S. Securities and Exchange Commission seeks...

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The U.S. Securities and Exchange Commission ("SEC") is seeking comments on a proposed exemptive order granting a conditional exemption from broker registration requirements for certain activities of municipal advisors....more

Sherman & Howard L.L.C.

Quarterly Municipal Regulatory Update

In the second quarter of 2019, the municipal securities industry saw new regulatory activity relating to disclosures at primary offering, new enforcement matters, and the adoption of Regulation Best Interest. Below, we have...more

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