Inflation Reduction Act
SEC's Office of Compliance Inspections and Examinations Issues Risk Alert for Municipal Advisors
On November 7, 2017, the Office of Compliance Inspections and Examinations (“OCIE”) of the U.S. Securities and Exchange Commission (“SEC”) issued a risk alert that described the staff’s observations from over 110 examinations of municipal advisors. The examinations evaluated compliance...
Hurricane Harvey – After the Storm, Disclosure Considerations for Bond Issuers
The Bracewell public finance team understands that all of our clients and their employees have been deeply affected by Hurricane Harvey, which caused billions in damage and destruction to private and public property across Texas. The scope and reach of...
Deadline Near for Passing the Municipal Advisor Qualification Exam
On September 12, 2016, the Municipal Securities Rulemaking Board (“MSRB”) began offering the Municipal Advisor Representative Qualification Examination (the “Series 50 Exam”). Municipal advisor professionals must pass the Series 50 Exam by September 12, 2017. After September 12, 2017, municipal...
SEC Proposes Additional Event Disclosures for Municipal Bond Issuers
On March 1, 2017, the Securities Exchange Commission voted in open meeting to propose amendments to Rule 15c2-12 under the Securities Exchange Act of 1934 adding two event notices to the current fourteen required in continuing disclosure agreements of issuers...
SEC Announces Expedited Program to Vacate pre-Dodd Frank Collateral Bars from Non-Associated Industries
On January 17, 2017, the U.S. Court of Appeals for the D.C. Circuit vacated in part a Securities and Exchange Commission (SEC) order that imposed a collateral bar against Gregory Bartko, the former CEO and chief compliance officer of a...
Panel Discussion: SEC, MCDC and You
Bracewell attorneys Barron Wallace, Paul Maco and Jonathan Frels, of our public finance practice group, sit down for a discussion about SEC’s enforcement actions under the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative.
FINRA Fines Lincoln Financial Sub $650,000 For Cybersecurity Shortcomings
A Lincoln Financial Group subsidiary agreed to pay $650,000 to the Financial Industry Regulatory Authority (FINRA) to resolve allegations that it failed to implement sufficient security policies to protect confidential customer information after its web-based customer account database was hacked...
SEC Announces 71 Issuer MCDC Settlements
On August 24, 2016, the SEC announced that it had entered into settlement orders with 71 municipal issuers and other obligated persons for violations of federal securities laws in municipal bond offerings. 1 The issuers and obligated persons 2 settled...
Municipal Advisor, School Consultant, and Associated Individuals Enter Settlement Offers with SEC after First-of-Its-Kind Municipal Advisor Antifraud Enforcement Action
On June 13, 2016, the Securities and Exchange Commission (SEC) accepted the settlement offers made by two firms and three executives charged with using deceptive business practices in dealing with five school districts. 1 As part of their settlements, School...
SEC Secures Federal Judge Order Against Mayor Based on Control Person Liability
On January 28, 2015, the United States District Court for the Eastern District of Michigan entered a final judgment against Gary Burtka, the former mayor of Allen Park, Michigan, upholding the Security and Exchange Commission (SEC)’s first effort to charge...
Participation Not Required: SEC Charges Mayor as Control Person in Municipal Bond Offering
In an unprecedented exercise of its authority to charge municipal officials with “control person” liability, the Securities and Exchange Commission (SEC) recently announced fraud charges against the City of Allen Park, Michigan, its former mayor and former city administrator for...