News & Analysis as of

Municipal Securities Market

Call for Comments on Proposed SEC Amendment to Rule 15c2-12

Recently, the SEC proposed amendments to Rule 15c2-12 (the "Rule"), which was published in the Federal Register on or about March 16. Since 1995 governmental issuers and other obligors (like nonprofit health care...more

Proposed Securities Rule Changes Focus on Bank Loans, Other Private Placements

by McGuireWoods LLP on

SEC Proposed Amendments to Rule 15c2-12 - On March 1, 2017, the Securities and Exchange Commission (SEC) proposed amendments to Rule 15c2-12 under the Securities Exchange Act of 1934 that would add two new events that...more

US Securities and Exchange Commission Proposes Rule Amendments to Improve Municipal Securities Disclosures

by Shearman & Sterling LLP on

The SEC proposed rule amendments to improve investor protection and enhance transparency in the municipal securities market. These proposed amendments are intended to provide timely access to information regarding certain...more

SEC Proposes Amendments to Rule 15c2-12 to Expand Municipal Securities Disclosures

On March 1, 2017, the Securities and Exchange Commission (SEC) published for comment proposed amendments to Rule 15c2-12 under the Securities Exchange Act of 1934 (Exchange Act) that would expand the list of events triggering...more

SEC Proposes Significant Alterations for Financial Obligation Disclosures for Governmental Issuers and Certain Nonprofit...

by Polsinelli on

The Securities and Exchange Commission (the "SEC") recently sent a clear message to participants in the municipal markets: it intends to require a greater level of disclosure, and more timely disclosure, regarding an...more

SEC Settles Fraud Cases Against Municipal Issuers Under MCDC Initiative

by Clark Hill PLC on

On August 24, 2016, the Securities and Exchange Commission ("SEC") announced settlements with 71 state and local government issuers of municipal bonds and private sector borrowers of bond proceeds (collectively, "issuers")...more

SEC Sanctions 71 Municipal Issuers for Misstatements

by Burr & Forman on

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 Under its Muni Bond Disclosure Initiative

Last week, the Securities and Exchange Commission (SEC) announced that it brought enforcement actions against 71 municipal issuers and other obligated persons as part of the SEC’s Municipalities Continuing Disclosure...more

California State Treasurer Sets His Sights on Curbing Pay-to-Play in the Municipal Bond Arena

by Dentons on

While it’s easy for mainstream news outlets to get caught up in the mid-summer drama of Vice-Presidential selections, national political party conventions, and the geopolitical repercussions of Brexit, we here at Pay to Play...more

Investment Management Update

by Ballard Spahr LLP on

SEC Enforcement Action against Private Equity Fund Adviser - On June 1, 2016, the SEC announced that a private equity fund adviser and its principal owner agreed to pay more than $3.1 million to settle SEC charges that,...more

Joint Notice: MSRB and FINRA Increasing Scrutiny of Private Bank Placements

by Holland & Knight LLP on

Direct lending by banks has proliferated in the $3.7 trillion municipal bond market as states, local governments and non-profits find that they can borrow, in the form of direct loans, at interest rates comparable to those on...more

MSRB on Direct Purchases – Transparency Trumps Tower?

by Burr & Forman on

The Municipal Securities Rulemaking Board (“MSRB”) issued a concept release last month suggesting that market transparency trumps the direct Congressional prohibition against federal regulations requiring filing of...more

Orrick's Financial Industry Week in Review

Senators Introduce SAFE Lending Act - On April 7, 2016, several Democratic Senators introduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act, SAFE 2016, which is designed to change the manner in which...more

The Federal Reserve Board Finalizes Rule Regarding Investment-Grade General Obligation State and Municipal Securities

On April 1, 2016, the Federal Reserve Board finalized a rule to include certain U.S. general obligation state and municipal securities in the type of assets that financial institutions may use to satisfy requirements designed...more

Part 2: Shelf Registration Extended Offering Period

by Foley & Lardner LLP on

Our first post in this series examined the regulatory and contractual considerations for municipal securities issuers and conduit borrowers using shelf registration. Now we examine the equally important considerations for...more

Shelf Registration Extended Offering Period: Ready for the Municipal Marketplace?

by Foley & Lardner LLP on

Recently, a significant municipal issuer entered the market with its first sale under a $1 billion borrowing program that will use an offering statement style novel to the municipal market. For years, issuers of traditional...more

SEC Speaks 2016: Enforcement Panels Double Down on Use of Data Analytics

by Morgan Lewis on

Data collection and analysis continue to impact SEC’s approach to enforcement. The increasing use of data analytics to jump-start investigations and enforcement efforts dominated the panel discussion at this year’s...more

Obama’s FY2017 Budget Would Double SEC & CFTC Funding

by Burr & Forman on

White House officials this week said that President Obama’s fiscal 2017 budget will seek major increases in funding for Wall Street regulators in the near term, and proposes to double their funding by 2021....more

MSRB’s Execution Guidance under Rule G-18: Forward with Flexibility

by Butler Snow LLP on

The Municipal Securities Rulemaking Board (“MSRB”) recently released its best execution guidance under MSRB Rule G-18 (the “Rule” or “Rule G-18”). The Rule will be effective as of March 21, 2016. The Rule provides: “The...more

MSRB Considering T+2 for Munis

The Municipal Securities Rulemaking Board, or MSRB, is seeking public comment on a proposal to facilitate shortening the settlement cycle for transactions in municipal securities in response to a securities industry-led...more

Recent MCDC Settlements Provide Guidance Concerning Scope of Materiality in Continuing Disclosure Obligations

by Foley & Lardner LLP on

In responding to the Securities and Exchange Commission’s recent Municipalities Continuing Disclosure Cooperation (MCDC) initiative, the unanswered question for many municipalities and broker-dealers was determining whether...more

Second Wave of MCDC Hits Underwriters ….No Smooth Sailing Ahead!

by Butler Snow LLP on

On September 30 the Securities and Exchange Commission (“SEC”) announced another round of enforcement actions against 22 municipal underwriting firms for disclosure violations in connection with municipal bond offerings. The...more

Financial Services Weekly News - October 2015

by Goodwin on

Regulatory Developments - FINRA Files Proposed Rule Change to Apply Markup Rule to Government Securities: On Sept. 30 FINRA filed with the SEC a proposed rule change, published in the Federal Register on Oct. 6, to...more

SEC Announces Second Wave of MCDC Enforcement Actions

by Ballard Spahr LLP on

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

by Cozen O'Connor on

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

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