Using a novel data set on municipal private debt disclosures, the authors of this academic research study the effectiveness and market impact of disclosure regulation in the municipal debt market. By comparing reportable private debt events to the...

This publication provides an overview of the federal tax law rules that apply to municipal financing arrangements commonly known as “governmental bonds.” It is intended to help issuers meet federal tax law requirements to ensure that interest...

The Municipal Liquidity Facility is a Federal Reserve program created in April as a new financing source for state and local governments. This MLF factsheet was produced by the Pew Charitable Trusts in October 2020.

This report provides an update as of November 23, 2020 on all of the Federal Reserve's outstanding lending facilities. These include the Primary Dealer Credit Facility (PDCF), the Commercial Paper Funding Facility (CPFF), the Municipal Liquidity...

Due to recent events related to COVID-19, the SEC released a public statement on May 4, 2020, encouraging municipal issuers and issuers to consider voluntary disclosures of forward-looking information regarding the potential future impacts of...

During this installment of the CDFA-PFM Capital Markets Webinar Series, experts analyzed how recent regulatory actions have impacted how banks buy bonds and how deals are priced.

Please be advised that on Tuesday, January 21, 2020, the Internal Revenue Service released a revised Form 8038-CP, Return for Credit Payments to Issuers of Qualified Bonds (“IRS Form 8038-CP”).

This report details several notable SEC accomplishments in Fiscal Year (FY) 2019. This year’s Agency Financial Report also includes the results of the independent audit of the SEC's FY 2019 financial statements.

The establishment of safe harbors is one of the key issues raised by public finance industry groups in their comments to the U.S. Treasury, Internal Revenue Service and the Governmental Accounting Standards Board on their proposed guidance for...

While digital technology has transformed virtually every industry, in certain respects the muni bond market continues to operate in ways that date back to its origins more than 200 years ago. In this Bond Buyer white paper, find out how new...

The rule allows banks to count investment-grade municipal obligations as level 2B high-quality liquid assets (HQLAs), and is credit positive for municipal issuers because it will continue to make these bonds attractive investments for banks, bolster...

The Internal Revenue Service (IRS) on May 22, 2019, issued much awaited guidance in Notice 2019-39. This Notice allows for refinancings or refundings by Native American tribal governments of Tribal Economic Development bonds and loans (TEDs) without...

During this webinar, Bethany Pugh, Managing Director at PFM, Todd Fraizer, Managing Director at PFM, Austin McGuan, Director, Stifel Nicolaus & Company, Matthew Eisel, Managing Director at PFM, and Robert McCarthy, Partner with Bricker & Eckler LLP...

Beginning April 1, 2019, issuers of qualified private activity bonds will be governed by a new set of TEFRA regulations (the Final TEFRA Regulations). The Final TEFRA Regulations, which stem from the Treasury Department’s 2017 Proposed Regulations...

This session discussed the recent amendments and how to prepare. The discussion included insights and reminders about how to remain compliant in all areas from main regulatory bodies for bond financing in the capital markets. Speakers on this...

During this webinar, Daniel Kozloff with PFM, Jeffrey Pearsall with PFM, and Jay Bartlett with Citigroup Global Markets Inc. featured the pros and cons and the questions that remained twelve months into the new tax law.

The Department of the Treasury's IRS released new Proposed Regulations regarding Bond Reissuance. The Proposed Regulations address the subject of “reissuance” in connection with issues of tax-exempt obligations. The Proposed Regulations...

This IRS Publication 4078, Tax-Exempt Private Activity Bonds, provides a revised overview of the general federal tax law rules that apply to qualified private activity bonds.

The NIJC produced this helpful executive summary of Tribal Economic Development Bonds for tribal leaders.

The IRS Publication 5005 provides an overview for state and local governments of the responsibilities of the conduit issuer with respect to the tax compliance in municipal financing arrangements commonly known as conduit financings.

In this CDFA // BNY Mellon Development Finance Webcast, representatives from Katten Muchin Rosenman LLP and BLX Group covered hot topics in regulations and enforcement.

Ben Barker of the California Municipal Finance Authority describes the many rules governing the issuance of tax-exempt bonds including the private business use test, use of proceeds, TEFRA hearings, compliance issues, and more.

During this webcast, Lynette Kelly of the MSRB, Leo Karwejna from Public Financial Management and John McNally of Hawkins Delafield & Wood LLP explained the role of the MA and discussed the proposed draft Rule G-42.

Sidley Austin produced this excellent primer for entities interested in accessing the U.S. capital markets. This resource provides an overview of securities regulations and laws, the offering process, compliance obligations, exempt offerings, a...

MSRB released the 'Getting to Know EMMA' fact sheet to help state and local government officials utilize EMMA to better evaluate municipal financing options, comply with disclosure requirements, and communicate with investors.

As summarized by Morrison Foerster, this "Cheat Sheet" outlines the basic impacts of The Dodd-Frank Wall Street and Consumer Protection Act. Signed into federal law by President Barack Obama on July 21, 2010 and passed as a response to the...

Michael Decker of SIFMA discusses the numerous legislative and regulatory challenges facing bonds, including tax reform and SEC and MSRB changes.

Greg Sandomirsky provides a discussion of the Security and Exchange Commission's approach to regulating muni bonds in the wake of Dodd-Frank and other recent changes.

The Municipal Securities Rulemaking Board (MSRB) published this Rule Book explaining the rules effective as of January 1, 2011. These rules cover everything from MSRB administration to legal definitions to bank operations regarding municipal...

This Memorandum of Understanding (MOU) outlines the cooperative efforts the Internal Revenue Service (IRS) and the Securities and Exchange Commission (SEC) will undertake to enhance compliance by the municipal securities industry with the rules,...

Nixon Peabody released this brief concerning the IRS's proposed regulations regarding the public approval requirements for tax-exempt private activity bonds issued by state and local governments. These proposed regulations provide additional...