SEC report on the Municipal Securities Market
This Advisory summarizes the key recommendations in the SEC’s July 31, 2012, Report on the Municipal Securities Market. The Report is a comprehensive analysis containing legislative and regulatory proposals to address certain disclosure and market transparency concerns.
On July 31, 2012, the United States Securities and Exchange Commission (the “SEC”) released its Report on the Municipal Securities Market (the “Report”).1 The Report is a comprehensive analysis of the municipal securities market that contains legislative and regulatory proposals to address certain disclosure and market transparency concerns. The Report is the first comprehensive analysis by the SEC (or its staff) of the municipal securities market since the September 1993 Staff Report on the Municipal Securities Market. More significantly, it represents the most comprehensive SEC legislative initiative concerning municipal securities disclosure since the Municipal Securities Full Disclosure Act of 1976.2 SEC Commissioner Elisse Walter, in introducing the Report at a press conference, cautioned that the Report would not “sit on the shelves” and that the SEC is “going to go forward with what we recommend.” Accordingly, draft legislation prepared by the SEC staff to implement the legislative proposals in the Report is likely to be released in the near future.
Also of Interest
- Carol McCoog Assumes NABL President-Elect Position
Carol McCoog has been elected President-elect of the National Association of Bond Lawyers (NABL).
- 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.
- 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.