[WEBINAR] Annual Labor & Employment Update
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
Premium Must Be Used for Debt Service Repayment - Until recently, there has been uncertainty surrounding premium generated from new money school district general obligation bonds – can the premium be used to pay certain...more
Commercial banks and other financial institutions (“lender” or “lenders”) have historically provided financing to both governmental entities and nonprofits on a tax-exempt basis through loans and direct purchases of municipal...more
In the third quarter of 2019, the municipal securities industry saw new regulatory activity relating to underwriters’ disclosure obligations, new enforcement matters, and the private placement of municipal securities. Below,...more
In the second quarter of 2019, the municipal securities industry saw new regulatory activity relating to disclosures at primary offering, new enforcement matters, and the adoption of Regulation Best Interest. Below, we have...more
Welcome to the inaugural edition of the Quarterly Municipal Regulatory Update. Below, we have summarized the most significant regulatory developments from the past quarter affecting municipal bond underwriters and Municipal...more
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
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
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
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
The MSRB’s amended Rule G-42 becomes effective June 23, prescribing new conduct standards for municipal advisors and for the underwriters working with them. In advance of the effective date, the MSRB has published...more
Direct lending by banks has proliferated in the $3.7 trillion municipal bond market as states, local governments and non-profits find that they can borrow, in the form of direct loans, at interest rates comparable to those on...more
A second insider trading action was brought by the Commission against a senior banking official based on the same take-over for which he was previously charged — but a different securities trading account is at the center of...more
President Obama recently announced the latest steps federal agencies are taking to better incorporate private sector capital and expertise in improving the nation’s infrastructure. The announcement comes six months after the...more
On November 19, 2014, the Municipal Securities Rulemaking Board (MSRB) announced that it submitted for approval by the Securities and Exchange Commission (SEC) proposed amendments to MSRB Rule G-3 to establish professional...more
On November 3, 2014, the SEC announced settlements with thirteen different registered municipal securities dealers in connection with sales of non-investment grade bonds issued by Puerto Rico in 2014. The settlements...more
On October 23, 2014, the Securities and Exchange Commission (SEC) approved Municipal Securities Rulemaking Board (MSRB) Proposed Rule G-44, the MSRB's first dedicated rule for municipal advisors, with conforming changes to...more
The SEC last week approved new MSRB Rule G-44 implementing supervision and compliance requirements for municipal advisors. The MSRB touted the Rule as “its first dedicated rule for municipal advisors” under the Dodd-Frank...more
On May 19, 2014, the SEC issued an updated set of FAQs on the rule defining and requiring municipal advisors to register with the SEC (the Rule). The updated FAQs provide clarification on several important issues for certain...more
On May 19, the SEC updated its Frequently Asked Questions Regarding the Municipal Advisor Registration Rules to clarify when the proceeds of pension obligations bonds should be treated as “proceeds of municipal securities.” ...more
The SEC’s Office of Municipal Securities has released a list of frequently asked questions and answers (the “FAQ”) that presents its views regarding various aspects of the SEC’s municipal advisor registration rules (the...more
The SEC has issued a temporary stay of its municipal advisor registration rules (the “Final Rules”). The stay means that the rules, which were to become effective on January 13, 2014, will not apply until July 1, 2014. ...more
On Thursday, January 9, the MSRB re-proposed new Rule G-42 promulgating standards of conduct for Municipal Advisors (“MA’s”) subject to the almost-newly-effective SEC MA Rule, 17 CFR § §240.15Ba1-1 to 15Ba1-8 (now delayed...more
The SEC’s new Municipal-Advisor Rules, 17 CFR § § 240.15Ba1-1 to 15Ba1-8 were to become effective Monday, January 13, 2014 but that morning were delayed until July 1. SEC Rel. 34-71288. Adopted last September, SEC Rel....more
On September 13, 2013, the Securities and Exchange Commission ("SEC") adopted final rules for Municipal Advisor registration. The final rules are intended to implement certain provisions of the Dodd-Frank Wall Street Reform...more