Category Archives: Federal Securities Law

CONTINUING FOCUS ON CONTINUING DISCLOSURE – The SEC’s Municipalities Continuing Disclosure Cooperation Initiative

by Christopher B. Langhart on April 10, 2014

Recently the Securities and Exchange Commission (SEC) announced the implementation of the Municipalities Continuing Disclosure Cooperation Initiative (MCDCI), a program enacted to “address potentially widespread violations of the federal securities laws by municipal issuers and underwriters”—specifically, the continuing disclosure requirements required of them by SEC Rule 15c2-12. The MCDCI allows both municipal issuers and underwriters [...]

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Sequestration Affects Build America Bond Issuers

by Matthew D. Jessup on March 6, 2013

The talk-of-the-town the past two weeks in Washington DC and around the country has been about sequestration. You can’t turn on the television or “open” a newspaper on your iPad without hearing about it. The federal budget cuts that took effect March 1, 2013 affect defense spending, air traffic controllers, and now even tours at [...]

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MSRB Notice 2012-25 – Brutal Honesty In The Municipal World

by Christopher B. Langhart on August 3, 2012

Municipal Securities Rulemaking Board (“MSRB”) Notice 2012-25 (the “Notice”) was approved by the SEC on May 4, 2012 and took effect on August 2, 2012. The Notice sets forth the responsibility of underwriters of municipal securities to make certain disclosures to an issuer, to ensure that they have dealt fairly with that issuer. Specifically, the [...]

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Does the SEC Want to Hear from NJ Bond Issuers?

by Matthew D. Jessup on March 24, 2011

Earlier this week, the Securities and Exchange Commission (SEC) announced that additional field hearings examining the state of the municipal securities market were being suspended due to budgetary constraints. In lieu of these hearings, the SEC is asking market participants to submit comments on a wide range of municipal securities market topics, including “disclosure and [...]

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Who Is Filing Your Secondary Market Disclosure?

by Matthew D. Jessup on March 16, 2011

This is the time of year when each calendar-year municipality is finalizing its audited financial statements for the year ending December 31, 2010 and adopting its budget for 2011. The focus is generally on the finishing touches for the audit, as well as working with the Division of Local Government Services to fine-tune the revenue [...]

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R.I.P. Build America Bonds

by Matthew D. Jessup on December 17, 2010

Last night, the House of Representatives followed the earlier action of the Senate and approved significant tax legislation that, among other things, failed to include an extension of the Build America Bond (BAB) Program. The BAB Program automatically expires on December 31, 2010, and tax legislation was the last chance for a stay of execution. [...]

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The New 2 Percent Cap and . . .

by Matthew D. Jessup on October 21, 2010

The New Jersey Legislature recently enacted P.L. 2010, c.44, better known as the 2 Percent Property Tax Levy Cap Law, or the 2 Percent Cap.  The law is Governor Chris Christie’s attempt to bring property tax relief to the long-overtaxed residents of New Jersey. The 2 Percent Cap prevents New Jersey municipalities from raising property [...]

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Material Changes to Material Events

by Matthew D. Jessup on June 1, 2010

The Securities and Exchange Commission has adopted amendments to Rule 15c2-12 that impact all issuers of municipal bonds and notes.  The amendments to the secondary market disclosure rule apply to all bonds and notes issued on or after December 1, 2010.  However, given that issuers adopt a bond or form and sale resolution weeks or [...]

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