Municipal tender offers have rapidly increased in volume since 2020, and 2023 is anticipated to be the highest volume year for voluntary municipal tender offers. As reported by the Bond Buyer, 2021 and 2022 each saw about $4...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
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
On May 4, 2020, Securities and Exchange Commission Chairman Jay Clayton and Director of the Office of Municipal Securities Rebecca Olsen issued a statement encouraging municipal securities issuers and obligors (each referred...more
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
2/24/2020
/ Institutional Investors ,
MCDC ,
Municipal Securities Issuers ,
Municipal Securities Market ,
Public Disclosure ,
Public Finance ,
Regulatory Oversight ,
Rulemaking Process ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
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
8/24/2018
/ Amended Rules ,
Bond Issuers ,
Disclosure Requirements ,
EMMA ,
Financial Obligations ,
Financial Regulatory Reform ,
Financial Reporting ,
Materiality ,
Public Finance ,
Rule 15c2-12 ,
Securities and Exchange Commission (SEC)
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
5/2/2017
/ Comment Period ,
Disclosure Requirements ,
EMMA ,
Financial Institutions ,
Financial Markets ,
Financial Obligations ,
Materiality ,
Municipal Securities Market ,
Proposed Amendments ,
Rule 15c2-12 ,
Securities and Exchange Commission (SEC)