Is information posted on EMMA subject to greater scrutiny under the antifraud provisions of the federal securities laws than when posted only on an issuer’s website?...more
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
The impact of tax reform is on the minds of many. While there are currently many unknowns, municipal issuers and conduit borrowers (collectively, “obligated persons”) should consider whether changes in tax law could impact...more
On March 1, 2017, the Securities and Exchange Commission (“SEC”) issued Release No. 34-80130 (the “Release”) proposing several amendments to its Rule 15c2-12 (the “Rule”) that would add two new events to the list of events...more
On August 24, 2016, the Securities and Exchange Commission ("SEC") announced settlements with 71 state and local government issuers of municipal bonds and private sector borrowers of bond proceeds (collectively, "issuers")...more
In responding to the Securities and Exchange Commission’s recent Municipalities Continuing Disclosure Cooperation (MCDC) initiative, the unanswered question for many municipalities and broker-dealers was determining whether...more
MSRB Rule G-17 has been interpreted by the MSRB as requiring a broker or dealer (“broker”) to disclose to its customer, at or prior to the time of trade of a municipal security, all material information about the transaction...more