News & Analysis as of September 18, 2024

Securities Exchange Act › Municipal Advisers

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

The Justice Insiders Podcast: Meet the Securities and Exchange (and Human Resources) Commission

SEC Sanctions Broker for Failure to Register as Municipal Advisor and for Inadequate Procedures to Ensure Registration: A Reminder...

Goodwin on 9/29/2022

On September 14, 2022, the SEC announced a settled administrative order, also dated September 14 (“Order”), imposing penalties, including a $100,000 fine, on a registered broker (the “Broker”) for failing to (1)...more

Temporary Exemption From Broker Registration for Municipal Advisors

Jones Day on 6/25/2020

The U.S. Securities and Exchange Commission ("SEC") has granted a temporary exemption from broker registration for certain activities by municipal advisors. On June 16, 2020, the SEC issued a temporary conditional...more

SEC Revokes Firm Registration and Bars Municipal Advisor Following Court Sanctions

Bracewell LLP on 7/12/2018

On June 29, 2018 Judge Halil Suleyman Ozerden of the Southern District of Mississippi entered judgments against Malachi Financial Products, Inc., and its president and sole shareholder, Porter B. Bingham, for alleged...more

SEC Charges Texas-Based Municipal Advisor with Fraud and Breach of Fiduciary Duty

Bracewell LLP on 5/14/2018

On May 9, 2018, the U.S. Securities and Exchange Commission ("SEC") announced it charged a registered municipal advisor (the "MA Firm") and its owner (the "MA Owner") with defrauding their client, a Texas school district, in...more

Municipal Advisor Firm and Principal Charged with Fraudulent Practices and Breach of Fiduciary Duty as SEC Continues Enforcement...

Bracewell LLP on 1/8/2018

The SEC charged registered municipal advisor Malachi Financial Products, Inc. and its principal Porter B. Bingham with violations of Sections 15B(a)(5) and 15B(c)(1) of the Securities Exchange Act of 1934 (“Exchange Act”) and...more

SEC & MSRB’s Pay-to-Play Rule: “Governing Games - Mocking, Part 2”

Burr & Forman on 8/2/2016

This SRO gamesmanship is making a mockery of governing. The latest is the SEC’s position that it didn’t take any action on the new MSRB Rules extending pay-to-play prohibitions to municipal advisors, so it can’t be sued...more

Municipal Advisor, School Consultant, and Associated Individuals Enter Settlement Offers with SEC after First-of-Its-Kind...

Bracewell LLP on 7/22/2016

On June 13, 2016, the Securities and Exchange Commission (SEC) accepted the settlement offers made by two firms and three executives charged with using deceptive business practices in dealing with five school districts. As...more

SEC Takes More Time to Consider Municipal Advisor Conduct Rule

Burr & Forman on 8/13/2015

The SEC instituted proceedings August 6 to allow additional time – and analysis – of the MSRB’s proposed Rule G-42 establishing broad conduct standards for municipal advisors. The Order essentially buys more time for the SEC...more

New Municipal Advisor Supervision Requirements Adopted

Bracewell LLP on 11/3/2014

Rule G-44, proposed earlier this year by the Municipal Securities Regulation Board (MSRB) and approved by the Securities and Exchange Commission (SEC) this month, requires that municipal advisors develop internal supervisory...more

New Municipal Advisor Rules and Continuing Disclosure Initiative

Shumaker, Loop & Kendrick, LLP on 7/10/2014

In an era of increased scrutiny and regulation of the municipal market, the final rules on what constitutes, and the registra- tion of, “municipal advisors”, became effective July 1, 2014. Concurrently, the SEC initiative to...more

SEC’s Final Municipal Advisor Registration Rules Will Take Effect on July 1, 2014

Morrison & Foerster LLP on 6/27/2014

The Securities and Exchange Commission’s (SEC) temporary stay on its final municipal advisor rules under Section 15B of the Securities Exchange Act of 1934 (the “Exchange Act”) expires July 1, 2014. Accordingly, municipal...more

Securities and Exchange Commission's New Municipal Advisor Rules Clarify Requirements for Banks

Nossaman LLP on 2/6/2014

A range of municipal financial advisors, including banks, are now required to register with the Securities and Exchange Commission (the "Commission") as a result of amendments to the Securities Exchange Act of 1934 (the...more

The Final Municipal Advisor Rule: Navigating the Minefield

Latham & Watkins LLP on 11/22/2013

On January 13, 2014, the final rules (the Final Rule) for the registration of municipal advisors with the Securities and Exchange Commission (SEC) become effective, putting in place a permanent registration regime...more

SEC Adopts Final Rules for Municipal Advisors

Goodwin on 10/9/2013

The SEC issued final rules requiring the registration of municipal advisors in SEC Release No. 34-70462 (the “Release”). The rules implement Section 975 of the Dodd-Frank Act, which amended Section 15B of the Securities...more

Extension of Temporary Registration of Municipal Advisors

Orrick - Finance 20/20 on 10/1/2013

On September 23, the SEC amended interim final temporary Rule 15Ba2-6T, which provides for the temporary registration of municipal advisors under the Exchange Act, as amended by the Dodd-Frank Act, extending the date on which...more

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Securities Exchange Act › Municipal Advisers

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