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Public Finance Municipal Securities Market

Bowditch & Dewey

[Webinar] Political Climate Change – Public Finance and the Partisan War on ESG - November 14th, 1:00 pm - 2:00 pm ET

Bowditch & Dewey on

Increasingly, investors are considering the impact of severe weather events, climate-related risks and socio-economic challenges, across the United States and around the world, as they make investment decisions. In response...more

Bowditch & Dewey

The Financial Data Transparency Act Casts a Looming Shadow Over Municipal Securities Disclosure

Bowditch & Dewey on

In December of 2022, Congress enacted the Financial Data Transparency Act (the “FDTA”), legislation intended to modernize and improve the organization, readability and availability of financial information collected by...more

Orrick, Herrington & Sutcliffe LLP

A Teachable Moment: Latest SEC Enforcement Actions Remind Underwriters of Limited Offering Exemption’s “Reasonable Belief”...

In an unprecedented move, the Securities and Exchange Commission (the “SEC”) recently filed litigation against one underwriter of municipal securities and announced settlements with three others. The litigation and...more

Orrick, Herrington & Sutcliffe LLP

Lessons From Recent SEC Municipal Enforcement Actions

The Public Finance Abuse Unit of the U.S. Securities and Exchange Commission (the “SEC”) had a busy first half of 2022, bringing forth four enforcement cases alleging substantial violations of federal securities laws. Unlike...more

Orrick, Herrington & Sutcliffe LLP

The SEC's Proposed New Climate-Related Disclosure Requirements for Public Companies: What Do They Mean for Municipal Issuers and...

In March 2022, the U.S. Securities and Exchange Commission (“SEC”) released proposed rules that would require public companies to include certain climate-related disclosures in their registration statements and periodic...more

Orrick, Herrington & Sutcliffe LLP

Tax-Exempt Lending to Governments and Nonprofits; Bank Loans and Direct Purchases of Municipal Securities

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

Ballard Spahr LLP

Disclosing COVID-19 Risks and Impacts in Connection with Municipal Securities

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Given the far-reaching consequences of the COVID-19 pandemic, including unprecedented financial and operational impacts, volatile municipal market conditions and the potential for a significant economic contraction...more

Ballard Spahr LLP

COVID-19 Outbreak Creates Disclosure and Due Diligence Challenges

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Disclosure to municipal bond investors of material risks stemming from the coronavirus outbreak presents a serious concern in the municipal securities industry. This is particularly true in certain sectors, including bonds...more

Orrick, Herrington & Sutcliffe LLP

SEC Committee Makes Recommendations On Municipal Securities Disclosure Practices

On February 10, 2020, an SEC advisory committee called the Fixed Income Market Structure Advisory Committee (FIMSAC) met and adopted a series of recommendations on the topic “Timeliness of Financial Disclosures in the...more

Orrick, Herrington & Sutcliffe LLP

Disclosure Obligations of Issuers of Municipal Securities

Orrick has published a Second Edition of our booklet titled "Disclosure Obligations of Issuers of Municipal Securities." In addition to updating for certain new S.E.C. Rules, the Second Edition contains a new chapter...more

Mintz - Public Finance Viewpoints

MSRB Addresses Selective Disclosure

On September 13, 2017, the Municipal Securities Rulemaking Board (the “MSRB”) published a market advisory on selective disclosure (the “Notice”). The stated purpose of the Notice is to “increase awareness” of selective...more

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