Inflation Reduction Act
Tax Reform Preserves PABs, Axes Advance Refundings
On December 15, 2017, the conference committee on tax reform (the “Conference Committee”) released its Conference Report (the “Conference Report”) describing the agreements forged to reconcile differences between the respective tax reform bills previously passed by the House and the...
SLGS Window Closing; Tax Reform Continues to Threaten Public Finance
On December 6, 2017, the U.S. Department of the Treasury announced the suspension of sales of United States Treasury Obligations – State and Local Government Series (i.e., SLGS), effective 12:00 noon Eastern Time, Friday, December 8, 2017 . New subscriptions...
Former Mayor Charged by SEC and DOJ with Securities Fraud and Pay-to-Play Scheme
On December 1, 2017, the U.S. Securities and Exchange Commission (“SEC”) filed a complaint in the U.S. District Court for the Northern District of Illinois charging David Webb, Jr. (“Webb”), mayor of Markham, Illinois from 2001 until May 3, 2017...
Disclosure Considerations and Tax Reform
The impact of tax reform is on the minds of many. While there are currently many unknowns, municipal issuers and conduit borrowers (collectively, “obligated persons”) should consider whether changes in tax law could impact their disclosure obligations. The Securities and...
Former Municipal Official in the Spotlight as SEC Files Complaint Charging Securities Fraud and DOJ Files Superseding Indictment Alleging Wire Fraud in Securities Offerings
On November 21, 2017, the U.S. Securities and Exchange Commission (“SEC”) filed a complaint charging Oyster Bay, New York (the “Town”), along with its former Supervisor and Chief Executive Officer, John Venditto, with defrauding investors in Oyster Bay’s municipal securities...
Executive Regulation on Value Added Tax in the UAE
The United Arab Emirates (“ UAE ”) Federal Tax Authority has recently published the draft Executive Regulations of Federal Decree Law No. 8 of 2017 on Value Added Tax (the “ VAT Law ”) which introduces a 5% VAT on...
Tax Reform Could Indirectly Eliminate Direct Pay Subsidy For Outstanding Tax Credit Bonds
An article released by The Bond Buyer on November 14, 2017, reports that, if Congress were to pass the proposed legislation released by the Committee on Ways and Means of the U.S. House of Representatives on November 2, 2017 (the...
Senate Finance Committee Mark Eliminates Advance Refundings, Silent on Private Activity Bonds
Overview On November 9, 2017, the U.S. Senate Finance Committee released the Description of the Chairman’s Mark of the “Tax Cuts and Jobs Act ” (the “Senate Finance Committee Mark”), which sets forth a summary of the proposed tax reform...
SEC's Office of Compliance Inspections and Examinations Issues Risk Alert for Municipal Advisors
On November 7, 2017, the Office of Compliance Inspections and Examinations (“OCIE”) of the U.S. Securities and Exchange Commission (“SEC”) issued a risk alert that described the staff’s observations from over 110 examinations of municipal advisors. The examinations evaluated compliance...
SEC Releases New Guidance on Shareholder Proposals
On November 1, 2017, the Staff of the Division of Corporation Finance of the Securities and Exchange Commission published in Staff Legal Bulletin No. 14I guidance relating to the excludability of certain shareholder proposals from public company proxy statements under...
Proposed Tax Reform Puts Key Public Finance Tools On the Chopping Block
On November 2, 2017, the Committee on Ways and Means of the U.S. House of Representatives released its highly anticipated proposed tax reform legislation (the “Proposed Legislation”). The Proposed Legislation deals a severe blow to issuers and conduit borrowers by...
SEC Approves PCAOB's New Rules on Auditor Reports
The Securities and Exchange Commission has approved the Public Company Accounting Oversight Board’s (PCAOB) proposed Auditing Standard 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses An Unqualified Opinion (AS 3101) and related amendments to...
Disaster Fundraising in Texas
A guide to fundraising laws for individuals who are interested in raising or donating money to a Texas charity in light of Hurricane Harvey
OCIE Releases Risk Alert Regarding Advertisements of Investment Advisers
On September 14, 2017, OCIE published a Risk Alert identifying issues associated with Rule 206(4)(1) of the Investment Advisers Act of 1940 (the “Advertising Rule”). 1 The Risk Alert was based on observations of the OCIE staff after over 1,000...
Proposed Treasury Regulations Bring the Public Notice Requirements into the 21st Century
Recently released proposed regulations (the “Proposed Regulations”) relating to the public notice and approval requirements for private activity bonds (the “Public Approval Requirement”) – sometimes referred to as the TEFRA approval – streamline the process and recognize the prevalence of...