- Topic: Municipal Advisors
- ArticleJournal of Investment ComplianceSeptember 2021
The US Securities and Exchange Commission Division of Examinations has released its 2021 Examination Priorities. A discussion of the exam priorities is included in this article.
- Client AlertMarch 4, 2021
The Securities and Exchange Commission’s Division of Examinations has released its 2021 Examination Priorities.
- Client AlertSEC Grants Municipal Advisors a Temporary Exemption from Broker Registration for Certain Direct Placement ActivitiesJune 18, 2020
On June 16, the Securities and Exchange Commission issued an order granting registered municipal advisors an emergency, temporary conditional exemption from broker registration under Section 15 of the Securities Exchange Act of 1934 in connection with certain direct placement activities.
- Client AlertJanuary 8, 2019
The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations has released its 2019 National Exam Program Examination Priorities.
- White PaperNational Association of Bond LawyersJuly 2017
This paper, published by the National Association of Bond Lawyers, identifies various issues that arise in connection with the structuring and negotiation of direct purchase transactions, and explores some of the more commonly encountered provisions present in direct purchase documents.
- Client AlertFebruary 20, 2017
The Municipal Securities Rulemaking Board is requesting comments on proposed amendments to its advertising rule for brokers, dealers, and municipal securities dealers and a new advertising rule for municipal advisors.
- Client AlertJanuary 24, 2017
The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations recently released its Examinations Priorities for 2017.
- Client AlertJanuary 9, 2017
The Financial Industry Regulatory Authority, Inc. recently issued its annual Regulatory Examination Priorities Letter. This alert summarizes some of the more significant issues FINRA’s letter raises.
- Client AlertMSRB 2017 Strategic Priorities and Recent Key Issues for Municipal Issuers, Underwriters, Dealers and Municipal AdvisorsOctober 31, 2016
The Municipal Securities Rulemaking Board recently issued a notice seeking guidance on its strategic priorities for 2017. The MSRB’s notice seeks comment on potential areas where the MSRB should focus its strategic goals and how it should prioritize its core activities.
- ArticleJournal of Investment ComplianceQ3 2016 (Originally Published April 14, 2016)
On April 4, the Municipal Securities Rulemaking Board and the Financial Industry Regulatory Authority issued a joint regulatory notice reminding firms they regulate of their obligation to determine whether state and local government obligations acquired through direct purchase or “bank loan” transactions constitute municipal securities for federal securities law purposes.
- Client AlertMSRB Decides Not to Pursue Proposal to Require Municipal Advisors to Disclose Bank Loans, but the Discussion Surrounding Bank Loan Disclosure is Far from OverAugust 3, 2016
On August 1, the Municipal Securities Rulemaking Board released details from its most recent quarterly meeting. Among other things, the press release from the meeting stated that the MSRB will not pursue rulemaking with regard to its concept proposal to require municipal advisors to disclose information about bank loans entered into by their municipal issuer clients.
- ArticlePractical Compliance & Risk Management for the Securities IndustryJuly/August 2016
Following the implementation of Dodd-Frank's rules and regulations and the initial wave of SEC examinations of municipal advisors, management and compliance personnel are navigating through the rules while continuing to run their business and service clients.
- Client AlertMSRB Issues Draft Amendments Extending the “Pay to Play” Prohibitions of Rule G-37 to Municipal AdvisorsClient AlertAugust 22, 2014
On August 18, 2014, the Municipal Securities Rulemaking Board released for public comment draft amendments the Proposed Amendments) to existing Rule G-37, which restricts “pay to play” practices by regulating certain activities by brokers, dealers and municipal securities dealers.
- Client AlertClient AlertJuly 25, 2014
The Municipal Securities Rulemaking Board has released for public comment a revised draft of its proposed Rule G-42 on the duties of municipal advisors.
- Client AlertClient AlertMay 21, 2014
On May 19, 2014, the Staff of the Office of Municipal Securities of the Securities and Exchange Commission issued additional guidance on the SEC’s registration rules for municipal advisors.
- Client AlertClient AlertJanuary 15, 2014
On January 9, 2014, the Municipal Securities Rulemaking Board proposed Rule G-42, defining the fiduciary duties of municipal advisors to municipal entity clients and the duties and responsibilities owed to all municipal advisory clients.
- Client AlertClient AlertJanuary 15, 2014
On January 10, 2014, the Staff of the Office of Municipal Securities of the Securities and Exchange Commission released additional guidance on the SEC’s registration rules for municipal advisors in the form of responses to Frequently Asked Questions.
- Client AlertClient AlertJanuary 13, 2014
Today the Securities and Exchange Commission announced that it is delaying until July 1, 2014 the compliance date of the recent final rule requiring registration of municipal advisors under the Dodd-Frank Act.
- Client AlertClient AlertJanuary 10, 2014
The Securities and Exchange Commission has released interpretive guidance on the final rules for the registration of municipal advisors.
- Client AlertClient AlertJanuary 9, 2014
The Municipal Securities Rulemaking Board has released its proposed rule on the duties of municipal advisors.
- Client AlertClient AlertNovember 21, 2013
The SEC’s final municipal advisor registration rules will become effective on January 13, 2014. The SEC rules have created controversy within the municipal bond community about whether an underwriter will continue to be able to visit clients and pitch ideas without being prohibited from underwriting a resulting bond issue under MSRB Rule G-23.
- Client AlertClient AlertNovember 11, 2013
The SEC’s final municipal advisor registration rules will be published in the Federal Register on November 12, 2013, with an effective date of January 13, 2014.
- ArticleGuidance and Issues for Participants in Municipal Securities TransactionsOctober 15, 2013
On September 18, 2013, the Securities and Exchange Commission unanimously approved final rules for the registration of municipal advisors under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
- Client AlertClient AlertSeptember 19, 2013
On September 18, 2013, the Securities and Exchange Commission adopted final rules for registering municipal advisors.
- Client AlertClient AlertJune 4, 2012
The Municipal Securities Rulemaking Board (“MSRB”) recently issued a notice seeking comments on a concept proposal that would require underwriters and municipal advisers to publicly disclose on the MSRBʼs Electronic Municipal Market Access (“EMMA”) system whether they have made or received certain payments in connection with new issues of municipal securities.