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Inflation Reduction Act
Participation Not Required: SEC Charges Mayor as Control Person in Municipal Bond Offering
In an unprecedented exercise of its authority to charge municipal officials with “control person” liability, the Securities and Exchange Commission (SEC) recently announced fraud charges against the City of Allen Park, Michigan, its former mayor and former city administrator for...
New Municipal Advisor Supervision Requirements Adopted
Rule G-44, proposed earlier this year by the Municipal Securities Regulation Board (MSRB) and approved by the Securities and Exchange Commission (SEC) this month, requires that municipal advisors develop internal supervisory and compliance systems. The new rule will go into...
SEC Continues Crackdown on Investment Advisers
To listen to the podcast, please click here . The Securities and Exchange Commission (SEC) is continuing to pursue enforcement actions that focus on the accuracy and comprehensiveness of economic benefit disclosures – both to clients and in public filings...
9th Circuit Appeals Court: Clean Air Act Permits Must Address Latest EPA Requirements
On August 12, 2014, the 9th Circuit Court of Appeals overturned a Prevention of Significant Deterioration (PSD) permit issued under the Clean Air Act (CAA) by EPA to the Avenal Power Center. Sierra Club v. EPA, No. 11-73342 (9th Cir...
Private Equity Fund Charged by SEC with Violation of the Pay-to-Play Rules for Investment Advisors
The Securities and Exchange Commission ("SEC") recently announced that it had charged TL Ventures, a Philadelphia-area private equity firm (the "Firm") with the first ever case involving a violation of the "pay-to-play rules," Rule 206 (4)-5. The Firm agreed to...
SDNY Judge Orders Microsoft to Produce Emails Stored Abroad
Chief Judge Loretta A. Preska of the U.S. District Court for the Southern District of New York affirmed Magistrate Judge James C. Francis IV’s opinion and ordered that the U.S. Department of Justice (DOJ) could compel Microsoft Corporation (Microsoft) to...
SEC Modifies MCDC Terms: Extends Issuer Deadline to 12/01/2014, Lowers Penalty Cap for Small Underwriters; Recognizes Pre-EMMA Limitations
The Securities and Exchange Commission has announced modifications to the terms of its Municipalities Continuing Disclosure Cooperation (MCDC) Initiative (click here for our prior alerts). In a press release issued late in the afternoon July 31, 2014, the SEC modified...
S.D.N.Y. Issues Spoliation Sanctions Against Foot Locker
The sanctions recently levied against Foot Locker serve as a potent reminder that understanding data and document preservation requirements is imperative. A New York federal judge issued sanctions against Foot Locker last week for negligently failing to issue and implement...
First Issuer MCDC SEC Settlement Announced
On July 8, 2014, the U.S. Securities and Exchange Commission announced that it has entered into a settlement order with Kings Canyon Joint Unified School District (Kings Canyon)—the first settlement with an issuer under the Commission’s Municipalities Continuing Disclosure Cooperation...
D.C. Circuit Court Clarifies Scope of Attorney-Client Privilege in Internal Investigations
To listen to the podcast, please click here . On June 27, 2014, the United States Court of Appeals for the District of Columbia Circuit issued an opinion clarifying the application of the attorney-client privilege in internal investigations. In In...
U.S. Supreme Court: Police Must Obtain Warrant Before Searching Cell Phones
In a decision that changes the way law enforcement officers collect electronic information, the U.S. Supreme Court ruled in Riley v. California , 573 U.S. ___ (2014), that officers may not search a cell phone incident to a lawful arrest...
Supreme Court to Determine Whether Agencies Must Undergo Notice and Comment Prior to Changing an Interpretation
The Supreme Court has agreed to hear a case that could have far-ranging implications for agency proclamations that impact the business community. On Monday, June 16, 2014, the Supreme Court granted certiorari in Nickols v. Mortgage Bankers Assoc. , No...
EPA Proposes Rule Seeking to Curb GHG Emissions and Dampen U.S. Appetite for Electricity
On June 2, 2014, EPA issued a proposed rule to control carbon dioxide emissions from existing coal-fired power plants. In its public outreach, EPA presents the rule as requiring a 30% reduction in carbon emissions by 2030 from the baseline...
Protecting Yourself Against Data Breach: Don't Be a Target
To listen to the podcast, please click here . On May 5, 2014, Target Corporation Chief Executive Officer Gregg Steinhafel resigned after having been with the company for 35 years, another casualty of the massive data breach that continues to...
SEC Municipalities Continuing Disclosure Cooperation Initiative Targets Issuers and Underwriters with a “Prisoner’s Dilemma”
To listen to the podcast, please click here . On March 10, 2014, the Enforcement Division of the Securities and Exchange Commission (SEC) announced the Municipalities Continuing Disclosure Cooperation Initiative (MCDC) – an offer for municipal issuers and their underwriters...