Municipal Securities Issuers

News & Analysis as of

The MCDC Initiative and Recent Modifications: Window for Issuers and Obligated Persons Now Closes on December 1, 2014, While...

As highlighted in the SEC’s 2012 Municipal Market Report, the SEC has expressed significant concern that many issuers have not been complying with their obligation to file continuing disclosure documents and that federal...more

Update: SEC Extends Deadline for Issuers to Participate in SEC’s Municipalities Continuing Disclosure Cooperation (MCDC)...

The Securities and Exchange Commission (SEC) has extended the deadline for issuers and obligors to self-report potential violations of their continuing disclosure obligations from the original deadline of September 10, 2014...more

SEC Extends Municipalities Continuing Disclosure Cooperation Initiative Self-Reporting Deadline For Issuers and Obligated Persons...

The Securities and Exchange Commission released a statement on July 31, 2014, modifying certain aspects of its Municipalities Continuing Disclosure Cooperation Initiative (the “MCDC Initiative”). The MCDC Initiative provides...more

SEC Enforcement Division Modifies Municipalities Disclosure Initiative

On July 31, the SEC announced modifications to its Municipalities Continuing Disclosure Cooperation (MCDC) Initiative that will (i) allow issuers and obligors more time to complete their reporting requirements by extending...more

SEC Modifies MCDC Initiative in Response to Industry Concerns

On July 31, 2014, the Securities and Exchange Commission extended the Municipalities Continuing Disclosure Cooperative Initiative (“MCDC”) deadline to allow issuers and obligors more time to complete their reporting...more

SEC Extends the MCDC Initiative Self Reporting Deadline

The Securities and Exchange Commission (“SEC”) just announced modified provisions of the Municipal Continuing Disclosure Cooperation Initiative (“MCDC Initiative”) that extends the self-reporting period for issuers and...more

SEC Modifies MCDC Initiative

On July 31, 2014, the Securities and Exchange Commission (SEC) issued a press release regarding an extension of the deadline for its Municipalities Continuing Disclosure Cooperation initiative (MCDC). The extended deadline...more

SEC Makes Modifications to Municipalities Continuing Disclosure Cooperation (MCDC) Initiative

The Securities and Exchange Commission (SEC) recently announced modifications to its Enforcement Division’s Municipalities Continuing Disclosure Cooperation (MCDC) Initiative. First, the SEC has extended the deadline from...more

Industry Concerns Prompt SEC To Modify MCDC Initiative

In response to concerns raised by industry participants, the Securities and Exchange Commission (SEC) has made some modifications to its Municipalities Continuing Disclosure Cooperation Initiative (MCDC Initiative). The SEC...more

2014 Mid-Year Report Securities Litigation and Regulatory Enforcement

Welcome to the 2014 Mid-Year Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team. Its purpose is to provide a periodic survey, apart from our team Executive Alerts, on matters we...more

SEC Announces First Settled Proceeding Against Municipal Issuer under MCDC Initiative

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

Investing in Georgia: Economic Development Newsletter - July 2014

Welcome to King & Spalding's economic development news bulletin, Investing in Georgia. In this edition, you will find: - Election coverage, including analysis of recent gains and losses by Tea Party candidates -...more

This Week In Securities Litigation (Week ending July 11, 2014)

The unblemished record of the Manhattan U.S. Attorney’s Office in insider trading cases came to an end this week with the acquittal of Rengan Rajaratnam, brother of the convicted Galleon Fund founder. This is the first loss...more

Municipalities Continuing Disclosure Cooperation Initiative (MCDC)

We want to make you aware of a new Securities and Exchange Commission enforcement initiative that impacts issuers of municipal bonds or other governmental securities or other persons obligated to provide secondary market...more

SEC Municipalities Continuing Disclosure Cooperation Initiative Update

Issuers and underwriters of municipal securities have been provided an opportunity by the U.S. Securities and Exchange Commission (the “SEC”) to self-report violations of the federal securities laws relating to...more

"SEC Issues New FAQs on Municipal Advisor Rule"

On May 19, 2014, the SEC issued an updated set of FAQs on the rule defining and requiring municipal advisors to register with the SEC (the Rule). The updated FAQs provide clarification on several important issues for certain...more

SEC Updates FAQs Regarding the Municipal Advisor Registration Rules

On May 19, the SEC updated its Frequently Asked Questions Regarding the Municipal Advisor Registration Rules to clarify when the proceeds of pension obligations bonds should be treated as “proceeds of municipal securities.” ...more

SEC Issues Additional FAQs On Engineering Exclusion From Municipal Advisor Rules

We have reviewed prior SEC guidance on the municipal advisor rules, from a view point of structuring a business to avoid a municipal advisory role. The SEC has now issued additional FAQs, including on the engineering...more

SEC Municipalities Continuing Disclosure Cooperation Initiative Targets Issuers and Underwriters with a “Prisoner’s Dilemma”

On March 10, 2014, the Enforcement Division of the Securities and Exchange Commission (SEC) announced the Municipalities Continuing Disclosure Cooperation Initiative (MCDC) – an offer for municipal issuers and their...more

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

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

SEC Enforcement Year in Review - 2013

Marked by leadership changes, high-profile trials, and shifting priorities, 2013 was a turning point for the Enforcement Division of the Securities and Exchange Commission (the “SEC” or the “Commission”). While the results of...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

SEC Comforts Appointed Board Members of Municipal Issuers on Valentine's Day

On February 14, 2013, SEC Chairman Elisse Walter at long last indicated, in testimony for the Senate Banking Committee, that the SEC’s final regulations regarding “municipal advisors” will “address ,,, the need for an...more

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