The Financial Data Transparency Act of 2022 (FDTA), enacted by Congress as Title LVIII of the National Defense Authorization Act for Fiscal Year 2023, was signed into law by President Biden on December 23, 2022. The FDTA is...more
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
Last week, the SEC entered orders against three underwriters for failing to comply with Securities Exchange Act of 1934 (“Exchange Act”) Rule 15c2-12. These actions serve as a good reminder for compliance checks and...more
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
A new federal regulation taking effect soon will increase the burden of compliance with federal securities law on issuers of tax-exempt securities. ...more
As a reminder, the new amendments to Rule 15c2-12 of the Securities Exchange Act (the “Rule”) take effect on February 27, 2019. The amendment, summarized in Increased Transparency to Continuing Disclosure Requirements, will...more
The Securities and Exchange Commission adopted amendments last year to the Securities and Exchange Act of 1934 Rule 15c2-12 that will require municipal debt issuers to make additional disclosures upon the occurrence of...more
The Securities and Exchange Commission (SEC) has amended Rule 15c2-12 to add two new events which must be included in continuing disclosure agreements (CDAs) for municipal securities issued on or after February 27, 2019. ...more
Since 1995, states and local governments have been subject to Rule 15c2-12 (the “Rule”), promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Under the Rule, governmental entities that issued securities...more
In an effort to enhance disclosure and increase transparency in the municipal Securities market, the Securities and Exchange Commission adopted amendments to Rule 15c2-12 of the Securities Exchange Act of 1934. The amendments...more
On August 20, 2018, the Securities and Exchange Commission amended Rule 15c2-12 to add two events to the list of notice events included in continuing disclosure undertakings by issuers, or other obligated individuals....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 (“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
On August 20, 2018, the Securities and Exchange Commission adopted amendments to Rule 15c2-12 of the Securities Exchange Act in order to enhance transparency in the municipal securities market. ...more
Recent Rule 15c2-12 Amendments - The Securities and Exchange Commission (the SEC) on August 20, 2018, announced that it has adopted amendments (the 2018 Amendments) to Rule 15c2-12 of the Securities Exchange Act of 1934....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
On August 20, 2018, the US Securities and Exchange Commission (SEC) adopted amendments to Rule 15c2-12 under the Securities Exchange Act of 1934. These amendments require additional disclosure related to the material...more
In mid-August, the SEC adopted amendments to its Rule 15c2-12 (the “Rule”), following 18 months of review of comments made to its original proposed amendments. The SEC action will be published in the Federal Register shortly....more
Disclosure in the municipal securities markets has been a focus of the Securities and Exchange Commission for some time, but it has recently returned to center view with the SEC’s proposals for additions to the event-driven...more
On April 5, as one of several enforcement actions relating to an alleged Ponzi scheme, the Securities and Exchange Commission settled an administrative enforcement action against a municipal bond underwriter accused of...more
Recently, the SEC proposed amendments to Rule 15c2-12 (the "Rule"), which was published in the Federal Register on or about March 16. Since 1995 governmental issuers and other obligors (like nonprofit health care...more
On March 15, 2017, the U.S. Securities and Exchange Commission (SEC) published for public comment proposed amendments to the Municipal Disclosure Rule, Rule 15c2-12 under the Securities Exchange Act of 1934. The proposed...more
The U.S. Securities and Exchange Commission (SEC) on March 1, 2017, proposed adding two additional triggers – in new subparagraphs (15) and (16) – for the material events notice requirements under Rule 15c2-12 (the Proposed...more
SEC Proposed Amendments to Rule 15c2-12 - On March 1, 2017, the Securities and Exchange Commission (SEC) proposed amendments to Rule 15c2-12 under the Securities Exchange Act of 1934 that would add two new events that...more
On March 1, 2017, the Securities and Exchange Commission (SEC) published for comment proposed amendments to Rule 15c2-12 under the Securities Exchange Act of 1934 (Exchange Act) that would expand the list of events triggering...more