Market Insights

Explore our recent White Papers, Case Studies, Articles and Podcasts

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At Lumesis, we believe that a well-functioning municipal bond market is critically important to a strong America. We frequently publish market-leading commentary, insights and research on key topics affecting our industry.

Article
What 15c2-12 and anti-fraud provisions mean for municipal advisors

There have been important developments and discussions over the past few years about Securities and Exchange Commission Rule 15c2-12. First it was the Municipal Continuing Disclosure Cooperation Initiative, and then amendments to 15c2-12 itself.

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Article
Rule 15c2-12 Amendments and Best Practices

A 2019 Update: What recent SEC enforcement actions have taught us. Download this article to learn more about the disclosure management best practices to implement today and why issuers can’t rely on dissemination agents and the business risk it creates when they do.

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Webinar
Issuer 15c2-12 Disclosure Management with Ballard Spahr

Lumesis and Ballard Spahr co-hosted a webinar with The Bond Buyer on 15c2-12 disclosure for municipal issuers.

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Article
Continuing Disclosure: Sound Policies and Procedures Critical

While the SEC’s MCDC initiative concluded in 2016, its shadow continues to lurk over the municipal bond market.  For those issuers that have come to market since the SEC issued Cease and Desist Orders (“Orders”), you undoubtedly have experienced increased scrutiny…

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Article
SEC’s Post-MCDC, Beaumont Cease and Desist Order – Key Takeaways

While many would prefer the SEC’s MCDC Initiative be a distant memory, the SEC’s Chief of the Enforcement Division’s Public Finance Abuse Unit has reminded issuers and underwriters alike that “[i]ssuers and underwriters will continue to be held accountable…

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Webinar
Issuers and Municipal Advisors: Impact of recent Municipal Market Regulation and Enforcement

On June 21st 2017, Lumesis and Ballard Spahr co-hosted a webinar with the Bond Buyer. Topics covered include both the Issuer’s continuing disclosure obligations in a post-MCDC world and the impact of MSRB rule G-42 on Municipal Advisors.

Watch the replay here

Article
Municipal Issuers: Continuing Disclosure Importance and Best Practices

As featured in the Bond Buyer: In the aftermath of the SEC’s MCDC initiative, the municipal market has taken notice of the requirements of 15c2-12 and the anti-fraud provisions of the Securities Exchange Act. In many instances, Underwriters are spending more time…

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Article
Time of Trade Disclosure: Potential Exposures that Many Have Not Considered 

The MSRB and FINRA provided reminders regarding the municipal market’s time of trade disclosure rule (MSRB Rule G-47).  The MSRB, by way of a Regulatory Notice, reminded market participants that a “Market Discount” is material and needs to be…

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Article
Municipal Advisor Alert

The SEC’s MCDC initiative is causing many Municipal Issuers and Underwriters to change the way they do things.  Underwriters are scrutinizing Issuer disclosures, and the representations made about those disclosures, for accuracy and clarity…

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Article
Disclosure and Diligence – Still Some Unanswered Questions

“It is hard to fathom a market as large and integral to our lives –schools, hospitals, utilities, roads and so much more – where the subject of required disclosure and diligence is still an unsettled issue. ”

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