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Inflation Reduction Act
Proposed Rules Addressing LIBOR Phase-out Help Ease Reissuance Concerns
Since the 2017 announcement that the London interbank offered rate (“LIBOR”) may be phased out after the end of 2021, the municipal finance industry has been concerned that changes to debt obligations and related financial products necessary to address the...
Webinar: 86th Legislative Session Recap
Bracewell is pleased to host a webinar about how the bills passed during the 86th Legislative Session affect Texas governmental entities, the debt issuance process and ongoing disclosure and transparency requirements. Please join us on August 14 to hear analysis...
SLGS Window Reopening; Sequestration Extended Through FY 2029
The Bipartisan Budget Act of 2019 (the “Act”), which suspends the federal debt limit through July 31, 2021, was signed into law on August 2, 2019. As a result, the U.S. Department of the Treasury has announced that it will...
FY 2020 Sequestration Reduction Rate Set at 5.9%
According to the IRS website , the sequester reduction rate applied to payments made to issuers of direct pay tax credit bonds in fiscal year 2020 will be 5.9 percent . This percentage will apply to all subsidy payments scheduled...
Appellate Court Affirms Decision to Block Medical Merger
The U.S. Court of Appeals for the Eighth Circuit recently affirmed a district court’s issuance of a preliminary injunction to block the proposed merger of two North Dakota healthcare providers, Sanford Health/Sanford Bismarck and Mid Dakota Clinic, P.C. This decision...
Is the Opportunity Now a Reality? IRS and Treasury Release Second Tranche of Opportunity Zone Regulations
After months of waiting, the IRS and the Treasury Department have released a second set of proposed regulations (the “ Second Tranche ”) relating to the opportunity zone provisions enacted as part of the Tax Cuts and Jobs Act of...
Spotlight on Public Finance: Rule 15c2-12 Amendments
On February 27, 2019, significant amendments to U.S. Securities and Exchange Commission Rule 15c2-12 will become effective. Join former SEC attorneys Paul Maco and Ed Fierro as we discuss the impact of the amendments on the (i) initial offering and...
It's Official! Final Public Approval Regulations Now Reflect the 21st Century
Treasury has released final regulations (the “ Final Regulations ”) relating to the public approval requirements for private activity bonds (aka the “TEFRA approval” process). The Final Regulations effectively track the proposed regulations issued in 2017 (the “Proposed Regulations”), but...
Sophisticated International Hackers Continue to Target the Public Sector
On November 26, 2018, the U.S. Department of Justice announced that it had secured an indictment of two hackers for using ransomware to extort over $6 million from municipalities, hospitals, and other public institutions. The very next day, a federal...
Disclosure Training Webinar
The U.S. Securities and Exchange Commission (SEC) remains focused on disclosure in the municipal securities market. The SEC has stated that disclosure policies and procedures help prevent violations of the federal securities laws. The SEC has also routinely highlighted the...
How Governments Can Help Put the "Opportunity" in Opportunity Zones
First introduced by the tax reform legislation signed into law in late 2017, Opportunity Zones present a new opportunity for taxpayers to defer and/or eliminate tax liability and, at the same time, spur much needed economic development in underserved communities...
This Time is Different: What You Need to Know Now About the New Rule 15c2-12 Events
On August 20, the Securities and Exchange Commission added two events to the existing fourteen events under Rule 15c2-12, 1 which requires certain notice filings with the Municipal Securities Rulemaking Board’s EMMA system within ten business days of occurrence. The...
SEC Adopts Amendments to Rule 15c2-12
On August 20, 2018, the U.S. Securities and Exchange Commission (“SEC”) announced it adopted amendments to Rule 15c2-12 of the Securities Exchange Act (“Rule 15c2-12”). Rule 15c2-12 requires brokers, dealers, and municipal securities dealers that are acting as underwriters in...
FY 2019 Sequestration Reduction Rate for Direct Pay Tax Credit Bonds Set at 6.2 Percent
According to the IRS website , the sequester reduction rate applied to payments made to issuers of direct pay tax credit bonds in fiscal year 2019 will be 6.2 percent . This percentage will apply to all subsidy payments scheduled...
SEC Revokes Firm Registration and Bars Municipal Advisor Following Court Sanctions
On June 29, 2018 Judge Halil Suleyman Ozerden of the Southern District of Mississippi entered judgments against Malachi Financial Products, Inc., and its president and sole shareholder, Porter B. Bingham, for alleged violations of the Securities Exchange Act of 1934...