SEC Proposes to Exempt Municipal Securities From Risk Retention Rules
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.
Also of Interest
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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).