Municipal Securities Market

News & Analysis as of

Orrick's Financial Industry Week in Review - March 17, 2014

On March 12, the Honorable Katharine B. Forrest of the United States District Court for the Southern District of New York ordered Fabrice Tourre, a former Goldman Sachs trader convicted of violation of federal securities...more

SEC Enforcement Division Encourages Self-Reporting by Municipal Securities Issuers and Underwriters

Yesterday, the Securities and Exchange Commission’s (SEC) Enforcement Division introduced an initiative to encourage self-reporting by municipal securities issuers and underwriters of possible securities law violations...more

Municipal Advisor Registration Rules

On January 10, SEC announced that the Office of Municipal Securities has issued interpretive guidance relating to the implementation of final rules requiring municipal advisors to register with the SEC....more

Orrick's Financial Industry Week in Review - January 13, 2014

European Parliament Committee Publishes Opinion on Money Laundering Directive 4 - On January 7, the European Parliament published an opinion, written by its Committee on Legal Affairs (or JURI) relating to the...more

SEC Issues Interpretive Guidance On Municipal Advisor Registration Rules

The SEC Office of Municipal Securities has issued interpretive guidance to address questions from market participants regarding the implementation of new final SEC rules requiring municipal advisors to register with the...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

Miami Is Latest Target of SEC Municipal Market Enforcement Actions

The Securities and Exchange Commission (SEC) recently filed an enforcement action in federal court against the City of Miami (City) and its former budget director alleging securities fraud in connection with the City’s 2007...more

Securities Regulators Provide Good News, Not-so-Good News for Section 529 Programs

Municipal securities regulators this week provided previews of upcoming regulatory action that suggest that one issue of concern to Section 529 college savings programs will fade away while another one may appear on the...more

MSRB Proposes Rule G-47 on Time of Trade Disclosure Obligations

MSRB Rule G-17 has been interpreted by the MSRB as requiring a broker or dealer (“broker”) to disclose to its customer, at or prior to the time of trade of a municipal security, all material information about the transaction...more

SEC Issues No-Action Letter on Internet-Based ‘Road Shows’

The Securities and Exchange Commission has issued a “no-action” letter relating to a provider of electronic-based “road shows.” The SEC stated in the letter, issued on January 29, 2013, that such presentations to retail...more

New SEC Chair: What It May Mean for the Municipal Securities Market

Participants in the municipal securities market should take particular interest in the appointment of Elisse B. Walter as chair of the SEC. Her close association with regulation of the municipal securities market makes it...more

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