The Governmental Accounting Standards Board (GASB) published a Fact Sheet about its proposed Concepts Statement on notes to financial statements. The public comment period for the Revised Exposure Draft ends October 15, 2021.

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...

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 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...

During this webinar, Bethany Pugh, Managing Director with PFM, Robert Novembre, CEO & Founder of Clarity Market Holdings, Lindsey Brannon, Head of Finance at Neighborly, and Gregg Bienstock, CEO & Co-Founder of Lumesis discussed how emerging...

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...

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 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.

This publication is a basic guide to the yield restriction and rebate requirements from the IRS. Understanding the arbitrage requirements can help issuers and conduit borrowers comply with their obligations and prevent violations of the arbitrage...

This audio cast from the IRS covers the importance of implementing post-issuance compliance procedures and regularly monitoring those procedures to preserve the status of tax-advantaged bonds over the entire life of the bonds. Tax-advantaged bonds,...

The National Association of Bond Lawyers (NABL) and the Government Finance Officers Association (GFOA) have jointly developed the following checklist to assist bond counsel in discussing with issuers and conduit borrowers, as applicable, post...

This document explains the guidelines and practices that Stanford follows to remain in compliance with rules relating to tax-exempt bonds. Compliance is required both upon the issuance of the bonds and during the post-issuance phase which extends...

The MSRB’s report finds that the majority of issuers had a commitment date of 180 days or 270 days from the end of the issuer’s fiscal year. Over the last several years, the number of commitments of 180 days has generally decreased while there has...

This is part two, Conduit Issuer Responsibilities, of a three-part series for conduit issuers of tax-exempt financing This module focuses on some of the responsibilities conduit issuers have in ensuring, compliance necessary to retain the...

This is a sample post-issuance compliance policy from Quarles Brady.

The National Association of Bond Lawyers (NABL) has prepared this publication in coordination with the Government Finance Officers Association (GFOA) to assist issuers and conduit borrowers and their advisors in establishing effective procedures to...

This publication from the IRS describes rules that apply to a particular type of qualified private activity bonds: qualified 501(c)(3) bonds. This Publication also addresses practices and steps an issuer or 501(c)(3) organization can take to protect...

The Municipal Securities Rulemaking Board's (MSRB) 2015 Annual Report highlights the organization's progress on investor protection initiatives to enhance market structure, its ongoing efforts to improve issuer disclosure practices and the...

Alexandra MacLennan gives a deep dive on the critical components of post-issuance compliance and the role of the SEC.

Debbie Todd discusses three keys to success for post-issuance compliance programs.

Lisa Danka from the Arizona Department of Transportation goes over best practices in post-issuance compliance.

Todd Cooper from Squire Patton Boggs examines the power the IRS has to mandate post issuance compliance, and their ability to remove an entity's tax-exempt status.

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

This Hawkins Advisory describes rules governing the required disclosures by issuers and underwriters of findings and conclusions of certain third-party due diligence reports relating to asset-backed securities.

With the deadline to self-report quickly approaching SEC’s MCDC Initiative, Katten Law Firm set forth a number of items that obligors and underwriters should consider as they prepare to go through the MCDC process.

This past March, the SEC introduced the Municipalities Continuing Disclosure Cooperation Initiative (MCDC Initiative) to help address concerns that issuers and underwriters have not been complying with continuing disclosure requirements in bond...

In this installation of the CDFA // BNY Mellon Webcast Series, expert panelists from across the country openly discuss the MCDC Initiative from the viewpoints of both issuers and underwriters.

Hunton & Williams addresses the feasibility of issuers self-reporting under the SEC’s MCDC. We discuss certain aspects of MCDC applicable to issuers, concerns about the scope and discretion retained by the SEC’s Enforcement Division in considering...

The California Debt and Investment Advisory Commission's (CDIAC) Webinar on the SEC's MCDC Initiative covers steps issuers should take to determine their status, addressing the standard of “materiality," who needs to be involved in the decision...

The California Debt and Investment Advisory Commission's (CDIAC) Webinar on the SEC's MCDC Initiative provide information on the origins of the MCDC Initiative and why it is advantageous for issuers and underwriters to participate, who should...

The California Debt and Investment Advisory Commission's (CDIAC) Webinar on the SEC's MCDC Initiative provide information on the origins of the MCDC Initiative and why it is advantageous for issuers and underwriters to participate, who should...

The California Debt and Investment Advisory Commission's (CDIAC) Webinar on the SEC's MCDC Initiative covers steps issuers should take to determine their status, addressing the standard of “materiality," who needs to be involved in the decision...

Foley & Lardner hosted a web conference with takeaways including, key aspects of the SEC MCDC initiative, potential pitfalls from MCDC participation, and when borrowers should consider taking advantage of the MCDC initiative.

This whitepaper from Norton Rose Fulbright provides a background on the SEC Municipalities Continuing Disclosure Cooperation (MCDC) Initiative, and details on recommended actions and identifying possible violations.

This webinar presented by Ballard Spahr focused on what various participants in the municipal market, including issuers, borrowers, and underwriters, need to know about the MCDC initiative and considerations that should be made before self-reporting.

Kutak Rock LLP provides information on the SEC MCDC Initiative including when and what must be self-reported, who can self-report, and considerations for issuers and underwriters.

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...

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,...