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Insight

A Teachable Moment: Latest SEC Enforcement Actions Remind Underwriters of Limited Offering Exemption’s “Reasonable Belief” Requirements

by Jenna Magan, Jerry V. Kyle Jr. and Christine Reynolds
September.20.2022

In an unprecedented move, the SEC filed litigation against one underwriter of municipal securities and announced settlements with three others.

Insight

Lessons From Recent SEC Municipal Enforcement Actions

by Christine Reynolds and Jerry V. Kyle Jr.
July.19.2022

The Public Finance Abuse Unit of the U.S. Securities and Exchange Commission (the “SEC”) had a busy first half of 2022, bringing forth four ...

Insight

SEC Urges Disclosure of COVID-19 Impact in the Municipal Market

by Jenna Magan, Christine Reynolds and Jerry V. Kyle Jr.
May.13.2020

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On May 4, 2020, Securities and Exchange Commission Chairman Jay Clayton and Director of the Office of Municipal Securities Rebecca Olsen issued a ...

Insight

COVID-19 and Municipal Securities Disclosure

by Roger Davis, Jenna Magan, Jerry V. Kyle Jr. and Christine Reynolds
March.23.2020

Overview Many issuers (including conduit borrowers) and others in the municipal market are facing unprecedented financial, operational and other ...

Insight

SEC Committee Makes Recommendations On Municipal Securities Disclosure Practices

by Roger Davis, Jenna Magan, Eileen Heitzler, Jerry V. Kyle Jr. and Christine Reynolds
February.20.2020

This Alert provides a summary of and comments on recommendations from the Fixed Income Market Structure Advisory Committee (FIMSAC).

Insight

SEC Proposes New Guidance on Role of Municipal Advisers in Private Placements

October.28.2019

In response to the proliferation of direct placements of municipal securities with financial institutions over the past decade, the SEC has proposed ...

Insight

One Part of the New SEC Reporting Events Is Being Overlooked

by Christine Reynolds
February.25.2019

Among the many articles and webinars being produced to explain to issuers and obligors how the new amendments to SEC Rule 15c2-12 (the Rule) will ...

Insight

Disclosure Obligations of Issuers of Municipal Securities

October.25.2018

Orrick has published a Second Edition of our booklet titled "Disclosure Obligations of Issuers of Municipal Securities."

Insight

SEC Adopts Amendments to Rule 15c2-12

by Christine Reynolds
August.23.2018

In mid-August, the SEC adopted amendments to its Rule 15c2-12 (the “Rule”), following 18 months of review of comments made to its original proposed ...

Insight

SEC Continues Public Finance Enforcement Agenda – Two Recent Cases Filed

by Roger Davis
September.26.2017

Just in the last weeks of August, the Public Finance Abuse Unit of the SEC announced settlements of securities fraud actions in two cases.

Insight

Why Disclosure Really Matters Now - The S.E.C. Enforcement Agenda

July.27.2017

In this webinar, Orrick lawyers discuss S.E.C. enforcement with Public Finance Abuse Unit Chief Leeann Ghazil Gaunt.

Insight

Call for Comments on Proposed SEC Amendment to Rule 15c2-12

by Christine Reynolds
April.27.2017

Recently, the SEC proposed amendments to Rule 15c2-12 (the "Rule"), which was published in the Federal Register on or about March 16.