Underwriting

News & Analysis as of

MSRB Proposal Extends Rule G-37 “Pay-to-Play” Prohibitions to Municipal Advisors

In its August 18 Regulatory Notice No. 2014-15, the Municipal Securities Rulemaking Board (“MSRB”) proposed amendments to Rule G-37 that would extend the long-standing “pay-to-play” prohibition’s reach to newly-registered...more

Court Denies Petition To Appoint Arbitration Umpire In Retrocession Dispute

Odyssey Reinsurance Co. petitioned the court to appoint an umpire to serve in arbitration with its retrocessionaries, certain Lloyd’s underwriters and Reliastar Reinsurance Group, over a disputed reinsurance claim. Odyssey...more

Insurance In Brazil: A Reinsurance Perspective

Brazil, the largest South American economy, has been an important market for international insurers and reinsurers for many years. At the same time, Brazil presents major property risks for underwriters. Companies covering...more

Deadlines Applicable to Colleges and Universities Approaching for Participation in SEC’s Continuing Disclosure Cooperation...

On March 10, 2014, the Securities and Exchange Commission (“SEC”) announced a voluntary self-reporting program for issuers and underwriters of municipal bonds for reporting of inaccurate statements made in offering documents...more

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

July 2014: Securities and Structured Finance Litigation Update

U.S. Supreme Court to Review Tolling of Securities Act Claims. In Police & Fire Retirement System of the City of Detroit v. IndyMac MBS, Inc. 721 F.3d 95 (2d Cir. 2013) (“IndyMac”), the Second Circuit addressed the reach of...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 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

SEC Modifies MCDC Terms: Extends Issuer Deadline to 12/01/2014, Lowers Penalty Cap for Small Underwriters; Recognizes Pre-EMMA...

The Securities and Exchange Commission has announced modifications to the terms of its Municipalities Continuing Disclosure Cooperation (MCDC) Initiative. In a press release issued late in the afternoon July 31, 2014, the SEC...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

In This Case, Placement Agent Status Was Better Than Underwriter Status

As a general matter, California Corporations Code Section 25401 declares it unlawful to make an untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the...more

Reminder: September 9th Effective Deadline for Issuers and Underwriters to Participate in SEC’s Municipalities Continuing...

If your organization has participated in a municipal bond or other municipal security financing in the past five years, you should be aware of the Securities and Exchange Commission’s (“SEC”) Municipalities Continuing...more

Deadline Approaching for Disclosure of Continuing Disclosure Violations

The Securities and Exchange Commission (the SEC) recently launched its Municipalities Continuing Disclosure Cooperation Initiative (the MCDC Initiative). Obligated persons (including issuers and conduit borrowers) and...more

Why You Can’t Afford To Be Disorganized

Investors, buyers and underwriters all insist on doing pre-transaction diligence to ensure that you have copies of all of your key documents and to assess whether these documents contain any unusual provisions. ...more

Managing Potential Sticker Shock – Agencies Release Guidance to Prepare Banks for HELOC End-of-Draw Periods

On June 30, 2014, the federal financial institution regulatory agencies (the Agencies) published Interagency Guidance on Home Equity Lines of Credit Nearing Their End-of Draw Period (the Guidance), which, as the title...more

SEC’s First Action Under the Municipalities Continuing Disclosure Cooperation Initiative

The SEC settled its first action under the Municipalities Continuing Disclosure Cooperation Initiative, launched on March 10, 2014. Under the Initiative the Enforcement Division agreed to recommend settlement on favorable,...more

OCC Report Highlights Cybersecurity, BSA-AML, Indirect Auto Underwriting Concerns

On June 25, the OCC published its semiannual risk report, which provides an overview of the agency’s supervisory concerns for national banks and federal savings associations, including operational and compliance risks....more

Volcker Rule and Covered Bonds

The subtler aspects of the Volcker Rule continue to emerge. One of the subtleties is the extraterritorial reach of the Rule in connection with underwriting, investments in, and market making for covered bonds by foreign...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

Primer On Underwriting Insurance Risks In Argentina

Latin America presents excellent opportunities for the global (re)insurance industry. But, there are a number of important considerations for insurance and reinsurance companies underwriting risks in the region. This article...more

SEC Approval of Amendments to FINRA Corporate Financing Rules Will Reduce Burdens on Parties in Public Offerings

The SEC recently approved amendments to simplify and refine the scope of FINRA corporate financing and underwriter conflicts of interest rules. The amendments include modifications that will affect not only underwriters and...more

134 Results
|
View per page
Page: of 6