News & Analysis as of

Municipalities Dodd-Frank Wall Street Reform and Consumer Protection Act Securities and Exchange Commission (SEC)

Orrick, Herrington & Sutcliffe LLP

SEC Continues Public Finance Enforcement Agenda Two Recent Cases Filed

Just in the last weeks of August, the Public Finance Abuse Unit of the Enforcement Division of the Securities and Exchange Commission (SEC) announced settlements of securities fraud actions involving a city, an underwriter, a...more

Burr & Forman

SEC Announces First Wave of MCDC Underwriter Sanctions

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The Securities Exchange Commission announced June 18 the first major wave of underwriter sanctions under its Municipalities Continuing Disclosure Cooperation (“MCDC”) Initiative. The SEC sanctioned 36 municipal underwriting...more

Burr & Forman

Court Sets Aside SEC’s First Muni “Control-Person” Settlement

Burr & Forman on

Earlier this month, the SEC used a “control-person” charge in a settled action against an elected municipal official in connection with municipal bond offering. Enforcement touted that “first” on the Monday after: “An...more

Burr & Forman

SEC Approves Supervision & Compliance Rule for Municipal Advisors

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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

Sherman & Howard L.L.C.

Critical SEC Deadline Fast Approaching: December 1 Deadline for Issuers and Obligated Persons to Participate in the SEC’s MCDC...

Sherman & Howard L.L.C. on

While underwriters choosing to participate in the Securities and Exchange Commission’s (“SEC”) Municipalities Continuing Disclosure Cooperation Initiative (the “MCDC Initiative”) were required to self-report violations by...more

Burr & Forman

Municipal Issuers Face Dec. 1 Deadline For MCDC Self-Reporting

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State or local government entities, special tax districts, hospital districts and other municipal bond issuers face a December 1 deadline to respond to the SEC Enforcement Division’s “Municipalities Continuing Disclosure...more

Burr & Forman

SEC Announces First Settled Proceeding Against Municipal Issuer under MCDC Initiative

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The SEC announced July 8 its first settled administrative proceeding against a municipal issuer under its Municipal Continuing Disclosure Cooperation (“MCDC”) Initiative. In its Order, the SEC charged Kings Canyon Joint...more

Stinson - Corporate & Securities Law Blog

SEC Issues Additional FAQs On Engineering Exclusion From Municipal Advisor Rules

We have reviewed prior SEC guidance on the municipal advisor rules, from a view point of structuring a business to avoid a municipal advisory role. The SEC has now issued additional FAQs, including on the engineering...more

Dickinson Wright

The Dodd-Frank Act And Municipal Advisor Rules

Dickinson Wright on

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) was signed into law by President Obama on July 21, 2010. The Dodd-Frank Act was enacted in response to the financial crisis that began in...more

Burr & Forman

SEC Municipal-Advisor Rules Effective July 1

Burr & Forman on

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

Stinson - Corporate & Securities Law Blog

SEC Issues Interpretive Guidance On Municipal Advisor Registration Rules

The SEC Office of Municipal Securities has issued interpretive guidance to address questions from market participants regarding the implementation of new final SEC rules requiring municipal advisors to register with the SEC. ...more

K&L Gates LLP

The SEC Adopts Final Registration Regime and Record-Keeping Obligations for Municipal Advisors

K&L Gates LLP on

As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), the Securities and Exchange Commission (the “SEC” or Commission”) adopted on September 20, 2013 final rules and forms...more

King & Spalding

SEC Enforcement Update - The SEC Speaks in 2013

King & Spalding on

The U.S. Securities and Exchange Commission held its annual SEC Speaks program in Washington, D.C. on February 22-23, 2013. In the postfinancial crisis, post-Dodd-Frank world, it is clear that the Commission and its staff are...more

McNees Wallace & Nurick LLC

Dodd-Frank Update - SEC Proposes Final Rules for Municipal Advisor Registration

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) requires municipal advisors to register with the United States Securities and Exchange Commission (“SEC”). Previously, municipal advisors...more

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