- Federal Reserve Regulation ZZ Implementing the Adjustable Interest Rate (LIBOR) Act
The Federal Reserve System Board of Governors (the “Federal Reserve”) wrapped up an eventful 2022 with a gift of clarity for those concerned with the mechanics of converting United States dollar denominated London Interbank Offered Rate-based interest rate calculations to rely instead on the Secured Overnight Financing Rate (respectively, “USD LIBOR” and “SOFR”). Regulation ZZ, implementing the Adjustable Interest Rate (LIBOR) Act (respectively, the “Regulation” and the “Federal LIBOR Act”) will become effective on February 27, 2023.1,2Market participants who are parties to the..
- Update on the Municipal Securities Market
This Hawkins Advisory provides an update on selected matters of interest to the municipal securities market and its participants. In particular, this Advisory reviews (i) the Financial Data Transparency Act of 2022 (the “FDTA”), which was signed into law on December 23, 2022;1(ii) developments in enforcement actions regarding limited offerings; and (iii) the status of certain pending rulemaking by the Securities and Exchange Commission (the “SEC”) and the Municipal Securities Rulemaking Board (the “MSRB”).
- SEC Actions – Rule 15c2-12 Limited Offering Exemption
This Advisory examines how, for the first time, the SEC has brought charges against underwriters who fail to meet the legal requirements of the limited offering exemption provided by Rule 15c2-12 in connection with offerings of municipal securities.
- Municipal Market — Federal Securities Law Update (2022)
This Hawkins Advisory provides an update on the municipal securities market and related federal securities law regulation. In particular, this Advisory reviews (i) the current composition of the Securities and Exchange Commission (the “SEC”) and its regulatory priorities; (ii) the SEC’s proposed rules on climate change disclosure and other environmental, social, and governance (“ESG”) initiatives; (iii) developments in cybersecurity disclosure; and (iv) recent SEC enforcement actions in the municipal securities market.
- Federal Legislation Moves SOFR Closer
This edition of the Hawkins Advisory discusses the recent federal legislation signed into law on March 15, 2022.
- New Private Activity Bond Provisions for Qualified Carbon Dioxide Capture Facilities
A new category of tax-exempt private activity bonds was created as part of the Infrastructure Investment and Jobs Act, enacted in November 2021, to encourage private investment in carbon dioxide capture facilities.
- Final Treasury Reissuance Regulations Addressing Modifications of Debt Instruments to Replace IBORs
This edition of the Hawkins Advisory describes recently released final Treasury Regulations providing guidance in connection with the discontinued Interbank Offered Rates.
- Tax-Exempt Bond Provisions Included in the Infrastructure Investment and Jobs Act
This Hawkins Advisory describes three tax-exempt bonds provisions included in the Infrastructure Investment and Jobs Act.
- New Jersey Design-Build Construction Services Procurement Act
This Hawkins Advisory summarizes the New Jersey Design-Build Construction Services Procurement Act, which was passed on April 30, 2021. The Act establishes procedures for State and local governmental entities to award Design-Build contracts.