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 [...]
On September 28, 2017, the Internal Revenue Service (IRS) released proposed regulations to update and streamline the public approval requirement provided in section 147(f) of the Internal Revenue Code applicable to tax-exempt private activity bonds [...]
In August of 2016, the Internal Revenue Service (IRS) issued Revenue Procedure 2016-44 which created safe harbors for management contracts. The IRS recently released Revenue Procedure 2017-13 to clarify Revenue Procedure 2016-44 and to address [...]
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 [...]
On December 8, 2016, the IRS issued new regulations which redefine the “issue price” of tax-exempt bonds for the purpose of arbitrage regulations. These new regulations became effective June 7, 2017. Under the prior regulations, [...]
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. [...]
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 [...]
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 [...]
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 [...]