SEC Chair Jay Clayton and the Office of Municipal Securities Director Rebecca Olsen urged municipal securities issuers to provide improved forward-looking disclosures to investors during the COVID-19 pandemic.
The MSRB proposal to more prominently display certain financial disclosures and related information on the organization's Electronic Municipal Market Access system was published in the Federal Register.
Cadwalader attorneys analyzed a recent Illinois Circuit Court decision denying a petition filed by a political activist and a hedge fund claiming that $16 billion of Illinois's general obligation bonds violated the state constitution.
State Attorneys General have stepped into what they describe as a "void" in antitrust enforcement at the federal level. Cadwalader attorneys surveyed recent high-profile state antitrust enforcement actions.
The MSRB provided additional support to help market participants comply with rules that require municipal securities issuers and obligated persons to disclose material financial obligations to investors.
SEC Chair Jay Clayton said he directed the SEC Office of Municipal Securities to collaborate with the MSRB and other stakeholders to explore how broker-dealers can improve the timeliness and scope of issuer financial information.
The SEC published in the Federal Register amendments to the Exchange Rule that require municipal securities issuers to disclose material financial obligations that could impact an issuer's liquidity and overall creditworthiness.
In order to settle SEC charges of defrauding investors, the former town attorney and deputy supervisor of Oyster Bay, Long Island, agreed to a permanent injunction from participating in municipal securities offerings.
A U.S. District Judge for the Southern District of New York entered a Final Judgment on consent against a New York town and a construction company for allegedly hiding a "deteriorating financial situation" from municipal bond investors.