Municipal Bonds

News & Analysis as of

SEC Proposes Expansive New Continuing Disclosure Requirements Regarding Private Debt and Other Financial Obligations

On March 15, 2017, the Securities and Exchange Commission (“Commission” or “SEC”) published in the Federal Register for comment proposed amendments to Rule 15c2-12 (the “Rule”) under the Securities Exchange Act of 1934...more

The SEC’s Proposed Changes to Rule 15c2-12 Could Have Far-Reaching Impact on Issuers and Obligors of Municipal Securities

On March 1, 2017, the Securities and Exchange Commission (“SEC”) issued Release No. 34-80130 (the “Release”) proposing several amendments to its Rule 15c2-12 (the “Rule”) that would add two new events to the list of events...more

SEC Proposes Far-Reaching Expansion of Municipal Securities Disclosure to Include Bank Loans and Other Financial Obligations

The Securities and Exchange Commission (the "SEC") is proposing to amend its Rule 15c2-12 to expand the list of event disclosures that must be provided by issuers of municipal securities ("issuers") and conduit borrowers...more

Guilty Plea Entered for Municipal Securities Fraud

In an April 2016 Quick Study, we reported the criminal action brought by the U.S. Department of Justice against two former municipal officials of the Town of Ramapo, New York for securities fraud involving the issuance of...more

SEC Proposes Additional Event Disclosures for Municipal Bond Issuers

On March 1, 2017, the Securities Exchange Commission voted in open meeting to propose amendments to Rule 15c2-12 under the Securities Exchange Act of 1934 adding two event notices to the current fourteen required in...more

Private vs. Public Infrastructure Funding Debate Continues

Speculation continued this week in Washington, D.C. on infrastructure funding plans, with municipal bonds being discussed during a panel at the National Association of State Treasurers 2017 Legislative Conference, according...more

Will President Trump's Regulation Cuts Reduce Ongoing Disclosure for Bond-Financed Projects?

President Donald Trump on Feb. 3, 2017, signed an executive order entitled "Core Principles for Regulating the United States Financial System," which directed the Treasury Secretary to consult with financial regulators,...more

Quarterly Investment Update - 4th Quarter 2016

ECONOMIC REVIEW AND OUTLOOK - In this past year we were reminded again to expect the unexpected: The well-established political classes in the U.K., the U.S. and Italy learned that democracy was their Achilles’ heel, and...more

This Week In Securities Litigation

FCPA enforcement was a key priority this week. The Commission filed two settled actions. Once involved a recidivist in which the firm made admissions in resolving the matter with the DOJ. ...more

Port Authority of New York and New Jersey to Settle SEC Disclosure Law Violations - Agrees to Admit Wrongdoing and Pay Penalty for...

The U.S. Securities and Exchange Commission (SEC) announced on Jan. 10, 2017, that the Port Authority of New York and New Jersey (Port Authority) agreed to admit wrongdoing and pay a $400,000 penalty in connection with...more

Brownstein Victory Demonstrates Value of Vigorously Challenging Materiality Allegations in Securities Fraud Trials

The materiality of misrepresentations and omissions in securities fraud litigation is a complex but critical issue. For several reasons, defendants sometimes give this element of a securities claim less at tention than it...more

SEC Scores First Muni Issuer's Admission of Wrongdoing

The Port Authority of New York and New Jersey has admitted wrongdoing and agreed to pay a $400,000 penalty to settle SEC charges that it failed to adequately disclose project risks to investors purchasing $2.3 billion in...more

NY-NJ Port Authority Admits Violating Federal Securities Laws

The Port Authority of New York and New Jersey is a significant participant in the capital markets with about $20 billion in debt outstanding. Tracing its history to 1921 when the two states entered into an interstate compact...more

Municipal Bond Offering Disclosures after a Chapter 9 Filing—A Few Reflections on Orange County and the City of Detroit

Although not intended to be classics of literature, we have found tales of two municipalities and their Chapter 9 bankruptcies. One was warm and prosperous and on the West Coast, whose housewives we have followed in the age...more

Final Issue Price Regulations Present Municipal Industry Challenges (and 180 Days to Overcome Them)

The Internal Revenue Service promulgated final Issue Price Regulations under Section 148 of the Internal Revenue Code of 1986, as amended, that were published in the Federal Register on December 9, 2016. The new regulations...more

SEC Approves Bond Mark-Up Disclosure Rules

On November 17, 2016, the Securities and Exchange Commission (SEC or Commission) approved new rules requiring dealers to disclose on retail customer confirmations their mark-ups and mark-downs on most municipal and corporate...more

MSRB Responds to Issuer Complaints and Improves Bank Loan Disclosures on EMMA

In late September, the Municipal Securities Rulemaking Board (“MSRB”) announced that it had taken steps to enhance the bank loan disclosure submission process and the display of these documents on MSRB’s Electronic Municipal...more

Your daily dose of financial news - The Brief – 9.29.16

OPEC has reached a tentative deal among its 14 member nations to “modestly cut” their oil output toward the end of the year in an effort to shore up sagging oil prices–an announcement that immediately sent global oil prices...more

Jury Finds Miami and Former Budget Director Guilty of Securities Fraud

In the first federal jury trial by the U.S. Securities and Exchange Commission (SEC) against a municipality or its officers, jurors found that the City of Miami, Florida (Miami or the City) and its former budget director...more

The SEC Wins First Jury Trial in a Muni Case: SEC v. City of Miami and Michael Boudreaux

In what the SEC called “the first federal jury trial by the SEC against a municipality or one of its officers for violations of the federal securities laws,” a jury in the U.S. District Court for the Southern District of...more

This Week In Securities Litigation

The Commission prevailed in a jury trial this week against the City of Miami and its budget director in an action centered on three bond offerings. Cases brought by the agency this week also included: one against a firm and...more

SEC Wins Jury Verdicts Against City of Miami, Budget Director

The SEC prevailed at trial in an action against the City of Miami and its former budget director, Michael Boudreaux centered on three bond offerings. Specifically, the jury returned verdicts in favor of the Commission as to...more

Municipal Bond Actions May Be about to Get Ugly

Back in the 1970s, SEC Enforcement Director Stanley Sporkin had a problem. He had stumbled onto what looked like a vast number of illicit payments from public companies to people who shouldn’t have been receiving them,...more

SEC Sanctions 71 Municipal Issuers for Misstatements

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

SEC Announces Enforcement Actions Against 71 Municipal Issuers

The Securities and Exchange Commission (SEC) recently announced enforcement actions against 71 municipal issuers of bonds in connection with the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative. The...more

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