On February 7, 2020, the SEC’s Office of Municipal Securities (“OMS”) issued a staff legal bulletin discussing the applicability of the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 (the [...]
On January 27, 2020, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) released its report on cybersecurity and operational resiliency practices that OCIE has observed in its examinations of thousands of broker-dealers, investment [...]
On December 5, 2019, the U.S. House of Representatives approved (by a vote of 410-13) H.R. 2534, the Insider Trading Prohibition Act, to explicitly prohibit insider trading. The U.S. federal securities laws currently do [...]
At the end of September, Terri Finister participated in a panel presentation “Post Issuance Compliance: What To Expect When You Have Issued Bonds” at the GGFOA Annual Conference. In the presentation, Terri discussed two [...]
In the summer of 1998, Madonna’s Ray of Light album (her best) and Lauryn Hill’s debut album The Miseducation of Lauryn Hill had hit the air waves, Hanson (who?) and the Backstreet Boys were [...]
As we reported in our November 2018 posting, the SEC amended 17 CFR 240.15c2-12 (Rule 15c2-12) to add two additional ‘material events’ that an obligated person must disclose to security holders within 10 business [...]
Two events have been added to the material events disclosure requirements under Rule 15c2‑12 which issuers and other obligated persons will be required to include in any new continuing disclosure agreement entered into on or [...]
For the first time ever, a municipal bond issuer has admitted to wrongdoing in an SEC enforcement action. The Port Authority of New York and New Jersey (the “Port Authority”), one of the largest municipal [...]
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 [...]
On September 14, 2016, the City of Miami, Florida and its former budget director were found guilty of securities fraud in connection with three municipal bond offerings in 2009 and other disclosures made to investors. [...]