SEC Approves Municipal Advisor Rules
On September 18, 2013, the Securities and Exchange Commission (the “SEC”) unanimously approved final rules (the “Rules”) governing the definition, registration, and regulation of municipal advisors. In addition, the Rules provide guidance and clarification on several matters that had arisen because of provisions in the proposed rules.2 Furthermore, the Rules provide exemptions from the definition of “municipal advisor” which, in some cases, go beyond the exclusions expressly provided for in the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).
Also of Interest
- Annual Qualified Mortgage Information
This edition of the Hawkins Advisory deals with qualified mortgage bond information report and the qualified veterans’ mortgage bond information report.
- 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.