Federal Reserve Board Now Publishing SOFR And Other Alternative Repo Rates

By Dan Malpezzi on May 15, 2018

On December 12, 2017, the Board of Governors of the Federal Reserve System (FRB) issued Notice 2017-26761 (82 FR 58397, Docket Number OP-1573) expressing its intent to begin publication during the second quarter of 2018 of three overnight repurchase transaction reference rates. The FRB began publication of these rates through the Federal Reserve Bank of New York on April 3, 2018.…

McNees Public Sector

Fincen Customer Due Diligence Rule Compliance Deadline Approaches

By Dan Malpezzi on April 24, 2018

On May 11, 2016, the Department of Treasury, Financial Crimes Enforcement Network (FinCEN) published its final rule (81 FR 29298) on required “know your customer” due diligence procedures (Rule). The Rule established a compliance deadline of May 11, 2018 for all “covered financial institutions.”…

McNees Public Sector

Review and Analysis of Tax-Exempt Loan Documents Following Tax Cuts and Jobs Act

By Dan Malpezzi on January 30, 2018

On December 20, 2017 Congress passed the Tax Cuts and Jobs Act (TCJA). The legislation was signed by President Trump on December 22, 2017 and many key provisions of the law became effective on December 31, 2017. The purpose of the TCJA was to stimulate economic growth through a major overhaul of the Internal Revenue Code. One of the signature elements of the TCJA is the reduction of the federal corporate tax rate from 35%…

McNees Public Sector

MSRB Issues Warning Guidance On Issuer Involvement In Selection of Underwriter’s Counsel

By Dan Malpezzi on August 8, 2017

It has traditionally been a fairly common practice in the municipal bond arena for issuers to either select or have significant input into the selection of underwriter’s counsel in connection with the issuance of municipal bonds. On July 27, 2017, the Municipal Securities Rulemaking Board (MSRB) issued a strong warning to the industry against continuation of these practices by publication of Notice 2017-14.…

McNees Public Sector

SEC Proposes Amendments to Rule 15c2-12 to Address Bank Loan Disclosure Concerns

By Dan Malpezzi on March 3, 2017

At its meeting on March 1, 2017, the United States Securities and Exchange Commission (SEC) voted to formally propose and publish for comment amendments to Rule 15c2-12 to add two additional disclosure events to written continuing disclosure undertakings required to be obtained by underwriters in primary securities offerings.…

McNees Public Sector

SEC Prevails in Securities Law Action against City of Miami

By Dan Malpezzi on September 20, 2016

In the first federal jury trial against a municipality for securities law violations, the U.S. Securities and Exchange Commission (SEC) on September 14, 2016 successfully obtained a verdict against the City of Miami and a former city official for violations of various anti-fraud provisions of US securities laws. The SEC is seeking injunctive relief and award of civil monetary penalties against the defendants. The case in the U.S. District Court for the Southern District of…

Dan Malpezzi

Federal Reserve Board Now Publishing SOFR And Other Alternative Repo Rates

Fincen Customer Due Diligence Rule Compliance Deadline Approaches

Review and Analysis of Tax-Exempt Loan Documents Following Tax Cuts and Jobs Act

MSRB Issues Warning Guidance On Issuer Involvement In Selection of Underwriter’s Counsel

SEC Proposes Amendments to Rule 15c2-12 to Address Bank Loan Disclosure Concerns

SEC Prevails in Securities Law Action against City of Miami

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