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Go West? What the NYSE Has to Offer for Gulf IPOs
Saudi Aramco’s planned IPO has put the region’s companies in sharp focus for global investors. As GCC nations continue to experience shifts in economic activity, including less government spending, more companies (both state and privately owned) are looking to IPOs...
Hurricane Harvey – After the Storm, Disclosure Considerations for Bond Issuers
The Bracewell public finance team understands that all of our clients and their employees have been deeply affected by Hurricane Harvey, which caused billions in damage and destruction to private and public property across Texas. The scope and reach of...
Hurricane Harvey Relief for Employees
Following Hurricane Harvey and its resulting destruction, many employees are in need of financial assistance and/or early access to retirement funds. We will highlight how employers can make direct financial assistance payments to their affected employees on either a taxable...
Federal Reserve Proposes to Clarify and Reduce Supervisory Expectations on Boards of Directors
On August 9, 2017, the Board of Governors of the Federal Reserve (the "Federal Reserve") published proposed guidance on certain supervisory expectations for Boards of Directors of banks and holding companies. The proposal consists of three parts, and arose out...
FY 2018 Sequestration Reduction Percentage for Direct Pay Tax Credit Bonds Set at 6.6 Percent
According to an update released by The IRS Office of Tax Exempt Bonds, the sequester reduction percentage applied to the payments made to issuers of direct pay bonds in fiscal year 2018 will be 6.6 percent . This percentage will...
Can Foreign Partners Now Exit Partnerships Tax Free?
In Grecian Magnesite Mining v. Commissioner 1 (“ Grecian Magnesite ”) the Tax Court held that a non-U.S. partner's gain from the redemption of its partnership interest was neither U.S. source income nor income effectively connected with a U.S. trade...
Deadline Near for Passing the Municipal Advisor Qualification Exam
On September 12, 2016, the Municipal Securities Rulemaking Board (“MSRB”) began offering the Municipal Advisor Representative Qualification Examination (the “Series 50 Exam”). Municipal advisor professionals must pass the Series 50 Exam by September 12, 2017. After September 12, 2017, municipal...
Third Circuit Holds that Automatic Perfection Provisions Are Not So Automatic
Close to ten years have passed since the filing of the Chapter 11 cases of Tulsa, Oklahoma-based SemCrude L.P., but this week, the Third Circuit Court of Appeals affirmed a 2015 district court ruling that resolved a dispute between oil...
CFPB Rules Permitting Consumer Class Actions Against Financial Institutions Set to Take Effect Absent Action by Congress
In 2016, the Consumer Financial Protection Bureau (CFPB) announced that it was seeking public comment on proposed rules that would limit the effect of mandatory arbitration clauses for consumer finance transactions and allow consumers to initiate or participate in class...
SEC Expands Confidential Submission Process to All IPOs
The Staff of the Division of Corporation Finance of the Securities and Exchange Commission announced that it will permit all companies to submit draft registration statements relating to initial public offerings (IPOs) for review on a non-public basis, broadening the...
The Final Countdown: New Issue Price Regulations Effective June 7th
The June 7 th effective date for the final Treasury Regulations relating to the establishment of “issue price” of tax-exempt obligations (the “New Regulations”) is drawing near. In fact, for obligations that are scheduled to price on or soon after...
SEC Will Not Enforce Part of the Conflict Minerals Disclosure Rule
On Friday, April 7, 2017, the acting Chief of the Securities and Exchange Commission (the “Commission”) Michael Piwowar released a statement that the Commission will not recommend enforcement of certain parts of its Conflict Minerals disclosure rule (Securities Exchange Act...
Webinar: Anatomy of an IPO: What Every Bank Thinking of Going Public Needs to Know
Get a jump start on a successful planning process for you IPO. The “Anatomy of an IPO” will guide you along the path of preparing for, and living through, an IPO, as well as navigating the sometimes treacherous waters of...
Panel Discussion: SEC, MCDC and You
Bracewell attorneys Barron Wallace, Paul Maco and Jonathan Frels, of our public finance practice group, sit down for a discussion about SEC’s enforcement actions under the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative.