Municipal Advisor Registration - Effect of Proposed Rules on Issuer and Obligor Boards
Section 975 of the Dodd‐Frank Wall Street Reform and Consumer Protection Act (the “Dodd‐Frank Act”) amended Section 15B of the Securities Exchange Act of 1934 (as amended, the “Exchange Act”), effective October 1, 2010, to, among other things, (1) require municipal advisors to register with the Securities and Exchange Commission (the “SEC”), (2) establish a fiduciary duty between a municipal advisor and a municipal entity for which it is acting as a municipal advisor,1 and (3) subject municipal advisors to additional anti‐fraud provisions.2 The SEC adopted an interim final temporary rule (Rule 15Ba2‐6T; the “Temporary Rule”) to enable municipal advisors to satisfy the statutory requirement to register with the SEC, which rule became effective October 1, 2010, and expires on December 31, 2011.
Also of Interest
- Hawkins Served as Counsel to Two Bond Buyer Deal of the Year Winning Transactions
Hawkins is proud to have served as special and lead outside counsel on two financings that were finalists for The Bond Buyer deal of the year award for 2021 and winners in their respective categories. This year’s deals reflect the substantial expertise of Hawkins’ transportation industry attorneys.
- Brian Garzione co-authored NABL’s SEC Comment Letter on Climate Change Disclosures
As the Chair of NABL’s Securities Law and Disclosure Committee, Brian was one of the principal authors of NABL’s comment letter relating to the SEC’s public statement and request for public input on climate change disclosures.
- Brian Garzione co-authors the Supplement to NABL’s Crafting Disclosure Policies
Brian was a key participant in preparing a supplement to NABL’s Crafting Disclosure Policies.
- Brian Garzione named Chair of NABL’s Securities Law and Disclosure Committee
In the fall of 2020, Brian Garzione was named Chair of NABL’s Securities Law and Disclosure Committee (SLDC).