SEC Proposes to Exempt Municipal Securities From Risk Retention Rules
Hawkins Advisory
The Securities and Exchange Commission (the “SEC”) today approved for public comment proposed rules implementing the risk retention provisions (Section 941) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). The proposed rules would provide a complete exemption for municipal securities. The proposed rules also provide a complete exemption for qualified scholarship funding bonds as defined in the federal tax code. This Advisory supplements and updates the Hawkins Advisory of January 25, 2011, entitled “SEC ADOPTS RULES FOR ASSET-BACKED SECURITIES.” In that Advisory, we noted that whether Section 941 would apply to municipal securities would be determined by subsequent rulemaking.
Attachment: [Hawkins Advisory]
Also of Interest
- Hawkins Attorneys Featured at Bond Attorneys’ Workshop
Four Hawkins attorneys will serve on panels at the National Association of Bond Lawyers 43rd annual Bond Attorneys’ Workshop which will be held September 26-28, 2018 in Chicago. - Rule 15c2-12 Amendments
This Hawkins Advisory analyzes the amendments to Rule 15c2-12 that were adopted by the SEC on August 20, 2018. - Cybersecurity - Municipal Disclosure
This Hawkins Advisory describes recent developments regarding disclosure of cybersecurity risks and incidents and their import for municipal disclosure. - 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.