Municipal Bonds

News & Analysis as of

Orrick's Financial Industry Week in Review - April 14, 2014

Agencies Apply Increased Leverage Ratio to Large U.S. Banks - On April 8, the Fed, FDIC and OCC adopted the final rule to increase the leverage ratio for the largest U.S. banks. The final rule applies to U.S. bank...more

SEC Launches Cooperation Initiative to Encourage Municipal Issuers and Underwriters to Self-Report Continuing Disclosure...

On March 10, 2014, the Securities and Exchange Commission ("SEC") announced that issuers and underwriters of municipal securities may voluntarily report materially inaccurate statements made in offering documents regarding...more

SEC Steps Up Scrutiny of Municipal Bonds: Recently Filed Enforcement Actions

As Bret Leone-Quick discussed in a post last week, the SEC has been stepping up its scrutiny of municipal bond offerings. Indeed, in the last year the SEC has filed a number of enforcement actions against municipal bond...more

Allegations Of Collusion Among Financial Institutions—Where We’ve Been, Where We Are, What We’ve Learned

Over the last 15 years, financial institutions have paid billions of dollars to settle claims that they colluded with each other. Below, we discuss four separate matters, beginning with the Nasdaq spread cases in the late...more

MSRB Reworks Fair-Dealing Rules For Municipal Securities Dealers

Effective July 5, 2014, the Municipal Securities Rulemaking Board (“MSRB”) implements a consolidation and re-write of its prior fail-dealing Rules and Guidance for municipal securities dealers. On March 7, the SEC...more

For Municipal Bond Issuers, SEC’s New Cooperation Initiative Could Be a Good Idea (Unless It’s a Bad Idea)

You know how every few years libraries will offer an amnesty program and give delinquent borrowers a chance to bring in their old books without prohibitive late fines? The SEC is sort of trying out that approach with its new...more

Representative Dave Camp’s Proposed Draft Legislation on Tax Reform

Last week, Representative Dave Camp (R-MI), Chairman of the House Committee on Ways and Means, unveiled draft legislation on tax reform that would include a 10 percent tax on municipal bond interest for joint filers with...more

To Be or Not to Be – Subdivision Bonds Does Not a Public Works Project, Make it Be

I’ve never been much of a Shakespeare fan. I only moderately tolerated even the MTV-inspired Romeo + Juliet set in fair Verona Beach with rapiers metaphorically replaced with guns manufactured by Dagger and Sword. But...more

Anatomy Of A Bond Issue: The Participants And The Steps

For many local government officials and solicitors in Pennsylvania, a bond issue is a rare occurrence perceived to be shrouded in mystery. Like most things in life, it is only mysterious because it is unfamiliar. Once you...more

New SEC Municipal Advisor Registration Rules

SEC delays implementation of certain new Municipal Advisor Rules until July 1, 2014 - Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) amended Section 15B of the...more

SEC Issues Frequently Asked Questions Regarding Municipal Advisor Registration Rules

The SEC’s Office of Municipal Securities has released a list of frequently asked questions and answers (the “FAQ”) that presents its views regarding various aspects of the SEC’s municipal advisor registration rules (the...more

SEC Temporarily Stays Municipal Advisor Registration Rules

The SEC has issued a temporary stay of its municipal advisor registration rules (the “Final Rules”). The stay means that the rules, which were to become effective on January 13, 2014, will not apply until July 1, 2014. ...more

SEC Took Three Actions Against U.S. Municipal Issuers in 2013. Time for Annual Disclosure Policy Update?

2013 was an active year for the Securities Exchange Commission in the municipal marketplace. The SEC took three actions in 2013 against issuers relating to disclosure and their relationship with the municipal marketplace....more

MSRB Proposes Conduct Rules For Municipal Advisors

On Thursday, January 9, the MSRB re-proposed new Rule G-42 promulgating standards of conduct for Municipal Advisors (“MA’s”) subject to the almost-newly-effective SEC MA Rule, 17 CFR § §240.15Ba1-1 to 15Ba1-8 (now delayed...more

Public Works Projects and Municipal Bankruptcies

The good news is that public works construction projects for municipalities are projected to remain a major sector of construction activity for the foreseeable future. The not-so-good news is that municipal bankruptcy filings...more

SEC Municipal-Advisor Rules Effective July 1

The SEC’s new Municipal-Advisor Rules, 17 CFR § § 240.15Ba1-1 to 15Ba1-8 were to become effective Monday, January 13, 2014 but that morning were delayed until July 1. SEC Rel. 34-71288. Adopted last September, SEC Rel....more

SEC Delays Effective Date of Municipal Advisor Final Rules and Answers Frequently Asked Questions

On September 13, 2013, the Securities and Exchange Commission ("SEC") adopted final rules for Municipal Advisor registration. The final rules are intended to implement certain provisions of the Dodd-Frank Wall Street Reform...more

FDIC Releases Videos Designed to Provide Information to Bank Directors, Officers and Employees Regarding Municipal Securities, the...

The FDIC released four new videos (the “Videos,” and each a “Video”) designed to provide technical assistance to directors, officers and employees of depository institutions that are FDIC insured. The Videos are available on...more

Second Circuit Reverses Convictions In Municipal Bonds Cartel Case

Court’s application of statute of limitations will likely guide future conspiracy prosecutions. On December 9, 2013, the Second Circuit Court of Appeals issued a 2-1 opinion reversing the conviction of three...more

SB 692 Expands Public Services that May be Financed by a Community Facilities District, Among Other Changes

January 1 Changes to Mello-Roos Community Facilities Act and Marks-Roos Local Bond Pooling Act - Senate Bill 692, effective January 1, 2014, makes several changes to the Mello-Roos Community Facilities Act and the...more

Public Officials, Financial Disclosure And A New Era Of Liability

The Securities and Exchange Commission is making it clear: Government leaders who issue misleading financial information are putting themselves at risk. Several recent actions by the Securities and Exchange Commission...more

Insurers Seek Enforcement Of State Law Protections For City Of Detroit GO Bonds

On November 8, 2013, three monoline insurers of the City’s general obligation bonds commenced adversary proceedings in the City of Detroit bankruptcy case. Through these actions, the monoline insurers seek to compel...more

SEC Assesses Its First Financial Penalty against a Municipal Securities Issuer

The Securities and Exchange Commission (SEC) announced yesterday that it has, for the first time, assessed a financial penalty against a municipal securities issuer. The penalty arises from a settled administrative proceeding...more

Investing in Georgia: Economic Development Newsletter - October 2013

Welcome to King & Spalding's economic development news bulletin, Investing in Georgia. In this edition, you will find: - Ongoing coverage of tax reform proposals, including a report published by the Committee for a...more

Ninth Circuit Court of Appeals Rejects Securities Fraud Lawsuit Brought by Purchasers of Municipal Bonds

A district court granted summary judgment in favor of a city in an action by purchasers of municipal bonds who alleged federal and state securities claims against the city. The United States Court of Appeals for the Ninth...more

66 Results
|
View per page
Page: of 3