On October 5th, the MSRB issued a Request for Comment on two draft compliance resources – one for Dealers and the other for Municipal Advisors – concerning New Issue Pricing (“RFC”). Comments are due by January 4th, 2022. The stated goal for the compliance resources is “to enhance understanding regarding the existing regulatory standards applicable to regulated entities’ supervision of conduct when pricing a new issuance of municipal securities.”

On May 4, the Securities and Exchange Commission issued a Public Statement, “The Importance of Disclosure for our Municipal Markets,” that encouraged municipal issuers to provide updated financial and other disclosures associated with the effects of COVID-19…

FINRA, in an Acceptance, Waiver and Consent (AWC), recently settled an action with NatAlliance Securities for violations of MSRB Rule G-13, G-17 and G-27. The settlement of a matter involving G-13 is the first time a firm has been charged with violating that rule since 2003 and left some wondering if FINRA was using enforcement cases to establish compliance standards.

As we contemplate the state of the municipal market today, issuance and the strong demand for many types of municipal bonds provide an “all is well” feeling.

Budget season is always interesting as organizations look to their crystal balls to set goals for the coming year which inevitably includes the arduous task of resource management.

By Jesse Brady, Senior Municipal Data Analyst

Pricing deals in today’s highly volatile market is not for the faint of heart. While historically low-interest rates provide an outstanding opportunity for issuers, buyers of bonds may not be so fast to bite as pointed out in this publication on March 13.

Artificial intelligence, blockchain, robotic process automation, quantum computing — some of the 2019 technology buzzwords.

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.

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.

Insights from the Lumesis August 2018 Issuer Survey Regarding 15c2-12 Compliance In August 2018, Lumesis conducted a survey of municipal issuers regarding the management of their continuing disclosure obligations.  Our outreach was to a finite set of diverse issuers and obligated parties and over 200 responded to the ten question survey.  Below, we provide [...]

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…

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 of your material event and continuing disclosure filings.  The Orders and MCDC have [...]

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…

This week we take a look at the importance of continuing disclosure for Issuers of municipal debt and suggest some best practices. 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.[1] In many instances, Underwriters [...]

This week we start with a review of the SEC’s announcement ending the MCDC initiative, a possible SEC focal point for 2017, and bring you the December 2016 DIVER Geo Scores.  DIVER Geo Scores are designed to quickly communicate the