Municipal Bonds

News & Analysis as of

This Week In Securities Litigation

The Commission filed another group of settled actions under its initiative regarding municipal bond underwriters. This time a group of fourteen actions were filed. Each centered largely on claims that the underwriter failed...more

SEC Settles With 14 Municipal Bond Underwriters

The SEC filed fourteen settled actions against municipal underwriting firms this week. The settlements were part of a program that commenced in 2014 called the Municipalities Continuing Disclosure Cooperation Initiative. The...more

Quarterly Investment Update – 4th Quarter 2015

As we enter 2016, we want to thank you for the continued trust and confidence you place in Perkins Coie Trust Company. On the investment front, we anticipate continued stock market volatility this year as diverging global...more

Filing Of Four Lawsuits Over Ten Years Did Not Waive Right To Arbitrate Where “Litigation Machinery” Had Not Been Invoked

Grigsby & Associates appealed an order confirming an arbitration award of compensatory damages and attorney fees to M Securities, in a dispute relating to underwriting fees owed in a municipal bond transaction. Grigsby...more

California Appellate Court Addresses Lease-Back Financing Plan to Fund Public Infrastructure Improvements

Court Finds Plan Does Not Violate Requirement that Municipal Indebtedness be Approved by a Two-Thirds Vote of the Electorate - A lease-back financing plan the City of San Diego adopted to fund public infrastructure...more

SEC Secures Freeze Order In Nursing Home Offering Fraud

The SEC charged a 25 year veteran of the nursing home and retirement community business with offering fraud. The defendant has been involved multiple offerings, raising over $190 million. SEC v. Brogdon, (D. N.J. November 20,...more

FY2015 SEC Enforcement Report

Late last week, the Securities and Exchange Commission (SEC) announced its enforcement results for fiscal year 2015, reporting a record number of enforcement actions and the highest amount of fines collected by the SEC to...more

Overview of Affordable Housing Programs

Standard & Poor’s (S&P) has rating criteria for municipal and corporate bonds, the proceeds of which are to be used to finance the acquisition, refinancing, or renovation of affordable rental housing communities. These...more

Financial Services Weekly News - October 2015 #3

Regulatory Developments: FINRA Requests Comment on Rules Relating to Financial Exploitation of Vulnerable Adults - On Oct. 15 FINRA published Regulatory Notice 15-37, requesting comment on proposed amendments to...more

Another Round of Favorable SEC Settlements, But Only for Underwriters that Self-Reported

The SEC has rolled out its second wave of enforcement actions against 22 municipal underwriting firms for alleged securities violations in municipal bond offerings in connection with its Municipalities Continuing Disclosure...more

Quarterly Investment Update – 3rd Quarter 2015

Stock Market Commentary - China’s move to devalue its currency in late August set off a wave of selling and renewed volatility across global markets that continued through September. Enduring its worst quarter since...more

Stealth Appellants No Longer Have Standing To File An Appeal In A Florida Bond Validation Proceeding

For more than 60 years, challengers to Florida bond validations had an unusual option - they could quietly wait until the trial court delivered its final judgment validating the proposed bond issue, and, without appearing,...more

SEC Announces Second Round of Charges Against Underwriters Under MCDC Initiative

On September 30, the Securities and Exchange Commission (SEC) announced enforcement actions against 22 municipal bond underwriters, the second round of enforcement actions brought by the SEC under the Municipalities...more

SEC Announces Second Wave of MCDC Enforcement Actions

The Securities and Exchange Commission (SEC) this week announced enforcement actions under its Municipalities Continuing Disclosure Cooperation (MCDC) Initiative, targeting 22 municipal bond underwriting firms for alleged due...more

One Size Does Not Fit All: Written Disclosure Policies in a Time of Increased SEC Enforcement

The U.S. Securities and Exchange Commission (SEC) continues to increase its enforcement efforts in the municipal bond market by focusing on the sufficiency and timeliness of disclosure in initial municipal securities...more

This Week In Securities Litigation

September 30th Madness dominated this week. The drive for stats was evident as the Commission stacked up cases like cord wood at a pace seldom seen. Twenty-two municipal bond actions were filed in one swoop; an insider...more

Can Alphabet Soup Fix Puerto Rico’s Debt Service Issues?

Last week, the Working Group for the Fiscal and Economic Recovery of Puerto Rico gave the broadest hint yet of the next tactic in Puerto Rico’s ongoing quest to deleverage itself. Although the details have not yet been...more

SEC Sanctions Senior Executives Of Failed Clearing Broker

On September 17, 2015, the SEC announced charges against several senior executives of Penson Financial Services Inc., once the second-largest clearing broker-dealer in the country, and its parent corporation, Penson...more

IRS Allows Developer Tax Benefit of Common Improvement Advance to City

In CCA 201537022, the IRS allowed a real estate developer to capitalize its required “advance” to the city for common infrastructure improvement costs, subject to later year adjustment to the extent the city repaid the funds....more

SEC Expands its Focus in the Municipal Bond Market, Bringing First-Ever Charges Against an Underwriter for Pricing Violations...

Coming on the heels of the SEC’s first wave of settlements with underwriters as part of its Municipalities Continuing Disclosure Cooperation (“MCDC”) initiative, the agency has brought yet another precedent-setting...more

Recent Developments in China Bond Markets

Tapping the Euromarkets - A number of Chinese issuers have issued bonds in the European debt markets recently. To date in 2015, more than ten Chinese companies have issued in excess of €9 billion of Euro-denominated...more

FINRA Fines UBS for Muni-Interest Reporting Errors

The Financial Institutions Regulatory Authority fined a UBS unit $750,000 for mistakenly reporting customers’ municipal-bond-account interest was tax-exempt, when the firm’s handling of the trades made it taxable instead....more

This Week In Securities Litigation (Week ending August 14, 2015)

A second insider trading action was brought by the Commission against a senior banking official based on the same take-over for which he was previously charged — but a different securities trading account is at the center of...more

FINRA Warns on Muni Shorts & Fails: Substitute Interest is Taxable

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

The Cost of Water is Rising – Financing Tools and Strategies to Help Communities Pay

Across America, the cost of water is rising. Getting clean drinking water is not as easy as turning on the faucet. Not only is access to safe water a growing issue across America — it is an expensive one too. Local elected...more

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