Enhanced Bank Loan Disclosure Process

In recent years, many issuers have privately placed their bonds with financial institutions in lieu of offering their bonds publicly. Financial institutions regard many of these transactions as bank loans. Although not required by the federal securities laws, to enhance disclosure to the market (and in some instances to meet the requirements of financial institutions [...]

Enhanced Bank Loan Disclosure Process 2016-11-22T20:15:48+00:00

New Safe Harbors for Management Contracts

The Internal Revue Service (“IRS”) has released new safe harbor guidelines for management contracts in Revenue Procedure 2016-44 (the “New Guidelines”) that determine whether a management contract results in private business use. These new safe harbors will eventually replace the old safe harbors found in Revenue Procedure 97-13, as modified by Revenue Procedure 2001-39 and [...]

New Safe Harbors for Management Contracts 2016-11-22T20:16:23+00:00

Department of Justice Launches Investigates Secondary Market Pricing

Department of Justice Launches Investigates Secondary Market Pricing on Heels of Securities and Exchange Commission Enforcement Action against Edward Jones. The regulatory environment faced by both underwriters and issuers continues to become more complex, as enforcement actions and novel causes of action continued to be brought against both issuers and underwriters by various agencies in [...]

Department of Justice Launches Investigates Secondary Market Pricing 2016-11-23T18:44:28+00:00

Board Plans to Re-Examine State and Local Government Financial Reporting Framework

Governmental Accounting Standards Board Plans to Re-Examine State and Local Government Financial Reporting Framework. On September 8, 2015, the Governmental Accounting Standards Board (“GASB”) added a review of the standardized financial reporting framework for state and local governments to its technical agenda. GASB indicated specific items of focus for the review would be considering whether [...]

Board Plans to Re-Examine State and Local Government Financial Reporting Framework 2016-11-23T18:46:24+00:00

Crafting Disclosure Policies

National Association of Bond Lawyers Releases “Crafting Disclosure Policies” Paper (August 20, 2015). On August 20, 2015, the National Association of Bond Lawyers (“NABL”) released a white paper titled “Crafting Disclosure Policies” providing advice to issuers of municipal securities on preparing and complying with written disclosure policies. In the aftermath of the Securities and Exchange [...]

Crafting Disclosure Policies 2016-11-23T18:45:49+00:00

Increased SEC and DOJ Pricing Scrutiny

The regulatory environment faced by both underwriters and issuers continues to become more complex, as enforcement actions and novel causes of action continued to be brought against both issuers and underwriters by various agencies in third quarter 2015. The Securities and Exchange Commission (the “SEC”) announced a settlement on August 13, 2015 involving brokerage firm [...]

Increased SEC and DOJ Pricing Scrutiny 2016-11-23T18:45:12+00:00