News & Analysis as of

Municipal Securities Market

Seward & Kissel LLP

SEC Staff Issues FAQs On Tailored Shareholder Reports

Seward & Kissel LLP on

Who may be interested: Registered Investment Companies - Quick Take: The staff of the SEC’s Division of Investment Management (Staff) recently issued responses to frequently asked questions (FAQs) covering the SEC’s...more

Bowditch & Dewey

[Webinar] Political Climate Change – Public Finance and the Partisan War on ESG - November 14th, 1:00 pm - 2:00 pm ET

Bowditch & Dewey on

Increasingly, investors are considering the impact of severe weather events, climate-related risks and socio-economic challenges, across the United States and around the world, as they make investment decisions. In response...more

Ballard Spahr LLP

Municipal Securities Regulation and Enforcement: 2023 Mid-Year Review

Ballard Spahr LLP on

2023 MID-YEAR REVIEW - In the first half of 2023, several rule changes have been proposed by the Municipal Securities Rulemaking Board (MSRB) and the U.S. Securities and Exchange Commission (SEC), including changes to...more

Ballard Spahr LLP

Municipal Securities Regulation and Enforcement: 2022 Year in Review and Look Ahead

Ballard Spahr LLP on

As is widely known, the new issue market slowed down in 2022 due to a variety of factors, including rising interest rates, reduced institutional demand resulting from municipal bond fund outflows, inflation and recession...more

Bowditch & Dewey

The Financial Data Transparency Act Casts a Looming Shadow Over Municipal Securities Disclosure

Bowditch & Dewey on

In December of 2022, Congress enacted the Financial Data Transparency Act (the “FDTA”), legislation intended to modernize and improve the organization, readability and availability of financial information collected by...more

Ballard Spahr LLP

White Paper: Structured Data is Coming to the Municipal Securities Market–Now What?

Ballard Spahr LLP on

The Financial Data Transparency Act of 2022 (FDTA), enacted by Congress as Title LVIII of the National Defense Authorization Act for Fiscal Year 2023, was signed into law by President Biden on December 23, 2022. The FDTA is...more

Partridge Snow & Hahn LLP

Municipal Securities Disclosure Will Be Subject To New Data Standards

The Financial Data Transparency Act of 2022 (the “Act”), which was included as part of the National Defense Authorization Act, was signed into law on December 23, 2022. The Act requires that various federal regulatory...more

Orrick, Herrington & Sutcliffe LLP

The Financial Data Transparency Act

The Financial Data Transparency Act of 2022 (Act) will change the way issuers and obligors of municipal securities report required disclosure information on the Municipal Securities Rulemaking Board’s Electronic Municipal...more

Orrick, Herrington & Sutcliffe LLP

A Teachable Moment: Latest SEC Enforcement Actions Remind Underwriters of Limited Offering Exemption’s “Reasonable Belief”...

In an unprecedented move, the Securities and Exchange Commission (the “SEC”) recently filed litigation against one underwriter of municipal securities and announced settlements with three others. The litigation and...more

Orrick, Herrington & Sutcliffe LLP

Lessons From Recent SEC Municipal Enforcement Actions

The Public Finance Abuse Unit of the U.S. Securities and Exchange Commission (the “SEC”) had a busy first half of 2022, bringing forth four enforcement cases alleging substantial violations of federal securities laws. Unlike...more

Adler Pollock & Sheehan P.C.

Navigating the Disclosure Labyrinth in Municipal Finance: A Practical Approach

One of the primary purposes of the Securities and Exchange Commission (the “SEC”) is to ensure that the investing public obtains accurate, timely and comprehensive information with respect to publicly-traded securities. The...more

Orrick, Herrington & Sutcliffe LLP

The SEC's Proposed New Climate-Related Disclosure Requirements for Public Companies: What Do They Mean for Municipal Issuers and...

In March 2022, the U.S. Securities and Exchange Commission (“SEC”) released proposed rules that would require public companies to include certain climate-related disclosures in their registration statements and periodic...more

Cozen O'Connor

AG Coalition Calls for an End to Mortgage Convenience Fees

Cozen O'Connor on

Illinois AG Kwame Raoul led a coalition of 23 state AGs in calling upon the CFPB to prohibit mortgage servicers from imposing convenience fees on consumers, in response to the CFPB’s recent Request for Information Regarding...more

Orrick, Herrington & Sutcliffe LLP

Tax-Exempt Lending to Governments and Nonprofits; Bank Loans and Direct Purchases of Municipal Securities

Commercial banks and other financial institutions (“lender” or “lenders”) have historically provided financing to both governmental entities and nonprofits on a tax-exempt basis through loans and direct purchases of municipal...more

Burr & Forman

FINRA’S 2022 Report on Examination & Risk Monitoring Program

Burr & Forman on

Over the last couple of decades, the securities self-regulatory organization FINRA (f/k/a NASD) informs its membership each year of what compliance risks are noted by its examination program. Those are risks firms should...more

Ballard Spahr LLP

Municipal Securities Regulation and Enforcement: The Year in Review and a Look Ahead

Ballard Spahr LLP on

The municipal securities market carried its momentum from the first half of 2021 into a strong finish for the year against the backdrop of continued regulatory and enforcement actions. Despite new variants of COVID-19...more

ArentFox Schiff

Overlooked Issues for LIBOR Transition: Board Governance and Disclosure Requirements

ArentFox Schiff on

The focus on quantifying LIBOR exposure and related disclosure requirements may be a ‘red herring.’ The real issues are (i) whether the LIBOR transition is merely an excuse to change the effective interest rates of financial...more

Ballard Spahr LLP

SEC 2021 Examination Priorities – Focus on Municipal Securities and Municipal Advisors

Ballard Spahr LLP on

The U.S. Securities and Exchange Commission’s Division of Examination (Division) announced its 2021 examination priorities (the Report) on March 3, 2021. The Division’s examination priorities reflect areas that present...more

Orrick, Herrington & Sutcliffe LLP

SEC Order dated June 16, 2020 (the "Order") Granting Temporary Conditional Exemption to Municipal Advisors to Engage in the...

To increase access to liquidity for smaller municipal issuers facing unprecedented budget shortfalls and loss of revenues as a result of the COVID-19 virus, on June 16, 2020 the SEC issued an Order granting a limited and...more

Ballard Spahr LLP

SEC Issues Temporary Order Exempting Municipal Advisors From Broker-Dealer Registration Requirements Under Certain Limited...

Ballard Spahr LLP on

The U.S. Securities and Exchange Commission (SEC) on June 16, 2020, granted a temporary conditional exemption (Temporary Order) from broker registration under Section 15 of the Securities Exchange Act of 1934 (Exchange Act). ...more

Adler Pollock & Sheehan P.C.

[Webinar] The Municipal Liquidity Facility – Lending Lifeline or Last Resort in the Age of COVID-19? - June 30th, 10:00 am - 11:00...

This webinar will discuss the Municipal Liquidity Facility (the “MLF”), the Federal Reserve’s emergency lending program for state and local governments experiencing cash-flow and other financial pressures due to the COVID-19...more

Ballard Spahr LLP

UPDATED: New York Federal Reserve Expands Eligible Issuers and Provides Indicative Pricing and Sample Transaction Documents for...

Ballard Spahr LLP on

The Federal Reserve Bank of New York (the New York Fed) has announced an expansion of its $500 billion Municipal Liquidity Facility to allow participation by designated cities and counties that do not meet the population...more

McCarter & English, LLP

Voluntary Disclosures And The SEC’s Public Statement Regarding The Importance Of Disclosure For Our Municipal Markets

On May 4, 2020, the U.S. Securities and Exchange Commission (the “SEC”) released a public statement from Chairman Jay Clayton and Rebecca Olsen, Director of the SEC’s Office of Municipal Securities (“OMS”), titled, “The...more

McGuireWoods LLP

Update No. 9: Financial Services Regulators and SROs Continue to Address COVID-19 Impact

McGuireWoods LLP on

U.S. SECURITIES AND EXCHANGE COMMISSION (SEC) - SEC Staff No-Action Letter to FINRA: Allowing Technical or Temporary Relief by FINRA - On May 13, 2020, the Staff of the SEC’s Division of Trading and Markets issued a...more

Orrick, Herrington & Sutcliffe LLP

SEC Urges Disclosure of COVID-19 Impact in the Municipal Market

On May 4, 2020, Securities and Exchange Commission Chairman Jay Clayton and Director of the Office of Municipal Securities Rebecca Olsen issued a statement encouraging municipal securities issuers and obligors (each referred...more

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Updated: Dec 28, 2021:

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Information for EU and Swiss Residents

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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

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California Privacy Rights

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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

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Changes in Our Privacy Policy

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Contacting JD Supra

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Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

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