Electronic Municipal Market Access (“EMMA”) System
The Municipal Securities Rulemaking Board (“MSRB”) has implemented its EMMA system, a free and publicly accessible website for municipal disclosure documents. In connection with the implementation of the EMMA system, the MSRB has amended its rules and the SEC has amended Rule 15c2-12. The changes impact both municipal primary market and continuing disclosure. The principal changes are summarized below.
Also of Interest
- Municipal Market Regulatory Update
This Hawkins Advisory describes the proposed amendments to Rule 15c2-12 and provides a summary and analysis of SEC municipal enforcement actions over the last year.
- Hawkins Assists City and County of San Francisco with Financing of 55-Story Residential Building
In December 2016, Hawkins served as disclosure counsel to the City and County of San Francisco in connection with its issuance of $240 million Variable Rate Multifamily Housing Revenue Bonds (Transbay Block 8 Tower) issued on behalf of an affiliate of the developer, Related Companies. The bonds will finance a portion of the cost of a new $600 million 55-story tower and surrounding buildings in downtown San Francisco.
- MCDC Settlements with Issuers
Today, the Securities and Exchange Commission (“SEC”) entered into cease‐and‐desist settlement orders with 71 municipal issuers and obligated persons, across 45 states, that had self‐reported pursuant to the SEC’s Division of Enforcement’s Municipalities Continuing Disclosure Cooperation (“MCDC”) Initiative.
- MSRB Rule G-42
On December 23, 2015, the Securities and Exchange Commission (the “SEC”) issued an order approving the Municipal Securities Rulemaking Board’s (the “MSRB”) new Rule G‐42, on duties of non‐solicitor municipal advisors, and related amendments to its Rule G‐8, on books and records.