Last week, the SEC entered orders against three underwriters for failing to comply with Securities Exchange Act of 1934 (“Exchange Act”) Rule 15c2-12. These actions serve as a good reminder for compliance checks and...more
On March 16, 2022, the Securities and Exchange Commission (“SEC”) entered an order against a school district (Crosby Independent School District (the “District”), located in a suburb of Houston, Texas) and against the...more
4/15/2022
/ Audited Financial Statements ,
Auditors ,
CFOs ,
Enforcement Actions ,
Misleading Statements ,
Personal Liability ,
School Bonds ,
School Districts ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations ,
Settlement
On September 16, 2021, the Securities and Exchange Commission (“SEC”) entered an order against a school district (Sweetwater Union High School District (the “District”) in San Diego County, California) and charged the school...more
10/27/2021
/ Bonds ,
Cease and Desist Orders ,
Enforcement Actions ,
Financial Reporting ,
Misrepresentation ,
Municipal Bonds ,
School Bonds ,
School Districts ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Settlement
On April 9 the Federal Reserve announced as part of the CARES Act a short term liquidity facility related to governments and referred to as The Municipal Liquidity Facility (the “MLF”). Authorized under Section 13(3) of the...more
In a potentially sweeping boost to public finance, the CARES Act (the “Act”) authorizes the direct purchase by the Federal Reserve of state and local government obligations, as well as the provision of debt guarantees and...more
3/31/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
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