News & Analysis as of

Municipalities Securities and Exchange Commission (SEC)

Cozen O'Connor

Cybersecurity Disclosure Guidance for Municipal Bonds

Cozen O'Connor on

Cyberattacks against municipal entities and 501(c)(3) organizations are becoming increasingly sophisticated and severe. The potential impact of these cyberattacks on entities is significant in both the time required to...more

Goodwin

SEC Continues Scrutiny of Municipal Bond Offerings

Goodwin on

​​​​​​​The SEC recently brought fraud charges against Sterlington, Louisiana and its former mayor and separately against Rochester, New York and its former executives and Rochester’s municipal advisors and principals/owners...more

Orrick, Herrington & Sutcliffe LLP

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

Governmental entities have increasingly experienced cybersecurity incidents impacting their operations and finances over the last few years, with some breaches costing upwards of $40 million. Many issuers and borrowers of...more

Fenwick & West LLP

California Court Finds California Board Diversity Law Unconstitutional

Fenwick & West LLP on

On April 1, 2022, the Superior Court of California, County of Los Angeles granted the plaintiffs’ motion for summary judgment in a case challenging the legality of AB 979 under the California Constitution...more

McDermott Will & Emery

The Infrastructure Investment and Jobs Act Invests Heavily in Cybersecurity

McDermott Will & Emery on

On November 15, 2021, President Joe Biden signed into law the Infrastructure Investment and Jobs Act (IIJA), unleashing over $1 trillion of federal money to strengthen the nation’s infrastructure and fund other key programs...more

Pullman & Comley, LLC

Increased Investor & Rating Agency Interest in Cybersecurity and Climate Change Disclosure in Municipal Bond Issuances

Pullman & Comley, LLC on

The topics of Cybersecurity and Climate Change disclosure are generating increased investor and rating agency interest in municipal bond issuances. The Securities and Exchange Commission (SEC) has expressed concerns about the...more

WilmerHale

Weekly COVID-19 Oversight & Enforcement Report - October 2020 #4

WilmerHale on

The Congressional Oversight Commission released its fifth report, which focuses on the Federal Reserve’s Municipal Liquidity Facility (MLF). The MLF was established to help state and local governments better manage cash flow...more

Butler Snow LLP

COVID-19 and Secondary Market Disclosure

Butler Snow LLP on

Our thoughts are with you, your loved ones and organizations as we all navigate this public health crisis together. We are providing this alert to our public finance clients and other professionals regarding COVID-19 and its...more

Jones Day

Broker-Dealers Participating in Primary Offerings of Municipal Securities: Prepare for Implementation of New Rules

Jones Day on

The Situation: The Municipal Securities Rulemaking Board ("MSRB") amended its rules regarding primary offering practices and disclosures in connection with primary offerings to enhance regulatory transparency, ensure equal...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - August 2019 #4

Robinson & Cole LLP on

We have definitely seen an uptick in the number of ransomware attacks against municipalities around the country. Thus far, the attacks have been against single cities, towns, and court systems, and recently against a...more

Nutter McClennen & Fish LLP

Nutter Bank Report: June 2019

Federal Banking Agencies Expand Eligibility to Use Streamlined Call Reports - The federal banking agencies have adopted a final rule to reduce regulatory reporting requirements for certain banks with total assets of less...more

Butler Snow LLP

A Brief Guide to the 2018 Amendments to Continuing Disclosure Requirements

Butler Snow LLP on

Introduction - Over the past several years, local government issuers have increasingly been privately placing bonds and other municipal debt obligations directly with banks or other purchasers rather than utilizing an...more

Skadden, Arps, Slate, Meagher & Flom LLP

Post-Election Issues (Inaugurations, Transitions, and Special Elections)

Now that the 2018 midterm elections are over, we must contend with legal issues that arise from activities related to federal, state and local inaugural and transition committees, as well as recounts and runoff elections. As...more

McNees Wallace & Nurick LLC

Municipalities and Their Continuing Disclosure Obligations

In light of recent SEC Rule changes, and aggressive enforcement, municipalities entering the bond market in 2018 and beyond should expect to see a heightened level of attention placed on continuing disclosure compliance. ...more

Miller Canfield

SEC Adds Two New Material Events to Continuing Disclosure Requirements

Miller Canfield on

Issuers or obligated persons (together, an "Issuer") of municipal securities will be required to add two new events to the list of reportable material events in their continuing disclosure undertakings entered into after...more

Foley & Lardner LLP

SEC Adds Two New Events to Rule 15c2-12: Could Have Far-Reaching Impact on Issuers and Obligors of Municipal Securities

Foley & Lardner LLP on

On August 20, 2018, the Securities and Exchange Commission (“SEC”) issued Release No. 34-83885 (the “Release”) adding two new events (the “New Events”) to the list of events that must be included in the continuing disclosure...more

Dorsey & Whitney LLP

SEC Adopts Rule Amendments to Improve Municipal Securities Disclosure

Dorsey & Whitney LLP on

On August 20, in response to the recent trend of issuers and obligated persons increasingly using direct purchases of municipal securities and direct loans (“bank placements”) as alternatives to public offerings, the...more

Obermayer Rebmann Maxwell & Hippel LLP

Securities and Exchange Commission Adopts Amendments to Rule 15c2-12

On August 20, 2018 the Securities and Exchange Commission (“SEC”) adopted amendments to 17 CFR 240.15c2-12, commonly referred to as “Rule 15c2-12”, which deals with continuing disclosure obligations. According to the SEC’s...more

Eversheds Sutherland (US) LLP

SEC adds two new disclosure events to Rule 15c2-12

On August 20, 2018, the US Securities and Exchange Commission (SEC) adopted amendments to Rule 15c2-12 under the Securities Exchange Act of 1934. These amendments require additional disclosure related to the material...more

Allen Matkins

What Does "Reflect Financial Difficulties" Mean To You?

Allen Matkins on

On Monday, the Securities and Exchange Commission announced that it had adopted amendments "to improve municipal securities disclosure". Specifically, the SEC amended Exchange Act Rule 15c2-12 which requires brokers,...more

Orrick, Herrington & Sutcliffe LLP

SEC Continues Public Finance Enforcement Agenda Two Recent Cases Filed

Just in the last weeks of August, the Public Finance Abuse Unit of the Enforcement Division of the Securities and Exchange Commission (SEC) announced settlements of securities fraud actions involving a city, an underwriter, a...more

Farella Braun + Martel LLP

Bond Fraud Trial Shows Need to Scrutinize Municipal Revenue Generation

Ramapo, N.Y., Town Supervisor Christopher St. Lawrence is in the middle of a multi-week trial on two dozen securities fraud charges stemming from municipal bond issuances and accounting practices in Ramapo, a Rockland County...more

Akin Gump Strauss Hauer & Feld LLP

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

Bracewell LLP

SEC Proposes Additional Event Disclosures for Municipal Bond Issuers

Bracewell LLP on

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

Cozen O'Connor

Settlements Ended Under the SEC’s Municipalities Continuing Disclosure Cooperation (MCDC) Initiative

Cozen O'Connor on

The Securities and Exchange Commission (SEC) has ended settlements under its Municipalities Continuing Disclosure Cooperation (MCDC) Initiative. Details of the SEC’s MCDC Initiative can be found in our prior Alert. For those...more

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