On March 11, 2021, President Biden signed into law the $1.9 trillion COVID-19 relief package, the American Rescue Plan Act of 2021, Pub. L. No. 117-2 (the “ARPA”). ARPA includes $350 billion in aid for state and local...more
Following on its guidance issued last month on the need for public companies to disclose the effects and uncertainties created by COVID-19, the SEC on May 4, 2020 reiterated those concerns to municipal securities issuers and...more
On Monday, April 27th, the Federal Reserve announced additional guidance regarding its Municipal Liquidity Facility (the “Facility”), which was first announced on April 9th and was established to buy short-term debt in...more
On April 9, 2020, the Federal Reserve took additional actions to provide up to $2.3 trillion of loans to support the economy. Among the actions taken, the Fed announced the creation of a new Municipal Liquidity Facility (the...more
On February 7, 2020, the Securities and Exchange Commission’s Office of Municipal Securities issued Staff Legal Bulletin No. 21 (OMS) (“SLB 21”) to provide its views on the application of the antifraud provisions to public...more
In a settled administrative enforcement action, the SEC charged the Montebello Unified School District in California and two of its officials with violating the anti-fraud provisions of the federal securities laws in...more
We recently reported the SEC’s adoption of amendments to Rule 15c2-12 to add two new events to those now required to be reported. Those two events are: -
Incurrence of a financial obligation of the issuer or obligated...more
On August 20, 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments (the “Amendments”) to the continuing disclosure provisions of Rule 15c2-12 (the “Rule”), with the goal of enhancing disclosure of the...more
In an April 2016 Quick Study, we reported the criminal action brought by the U.S. Department of Justice against two former municipal officials of the Town of Ramapo, New York for securities fraud involving the issuance of...more
In what is believed to be the first action of its kind, on April 14, 2016, the U.S. Department of Justice brought a criminal action against municipal officials based on disclosure claims in connection with municipal bond...more