Recent Developments in Securities Regulations and Enforcement

Public Finance Alert | January.09.2019

On November 8, 2018, three Orrick partners, joined by Rebecca Olsen, Director of the S.E.C.'s Office of Municipal Securities, presented a webinar hosted by The Bond Buyer on the topic of "Recent Developments in Securities Regulations and Enforcement".  (You may listen to the one-hour webinar here.)  Most of the webinar dealt with the new amendments to S.E.C. Rule 15c2-12, which will become effective on February 27, 2019.  Webinar listeners submitted 22 questions, only a few of which were able to be addressed on the webinar.  As a service to the approximately 500 listeners of the webinar, we are sharing our initial responses here to all of the questions.

For logistical convenience to reach the webinar participants, we have obtained your email address from The Bond Buyer and, if you are not already on Orrick's mailing list for Public Finance alerts, we have added you to that list.  This communication is being sent to both webinar participants and others already on our mailing list, who may also find the topic of interest.

Please note that although some of the questions posed by webinar participants were nominally addressed to Ms. Olsen, these responses are presented solely by Orrick lawyers and do not represent the views of the S.E.C. staff.  Also, many aspects of the interpretation and implementation of the new amendments still are uncertain, and these responses should be viewed as preliminary and subject to change as more information comes out during additional webinars and meetings between now and February 27, and thereafter.  All industry members who will be dealing with the new amendments should keep careful attention to further advice from the S.E.C. staff or others.