November 2019

Proposed SEC Exemptive Order Provides Limited Municipal Advisor Relief

Last month, the Securities and Exchange Commission (SEC) issued a proposed exemptive order (Release No. 34-87204) that would permit a registered municipal advisor, acting on behalf of a municipal issuer or obligated person, to solicit certain institutional…

October 2019

IRS Releases Proposed Regulatory Guidance on the LIBOR “Sunset”

Recently, the Treasury Department and the Internal Revenue Service released proposed regulations (REG-118784-18) offering guidance related to the anticipated transition in the financial markets away from interbank-offered reference rates (IBORs) such as th…

January 2019

IRS Releases Final Public Hearing and Approval Regulations for Tax-Exempt Bonds

On December 31, 2018, the U. S. Department of the Treasury and the Internal Revenue Service (IRS) released Treasury Decision 9845, which sets forth final regulations on the public hearing and approval requirements that are prescribed for tax-exempt private…

September 2018

September 2018 update on FY 2019 federal budget sequestration affecting build America bonds and other direct pay subsidy bonds

Earlier this summer, the Internal Revenue Service announced that the percentage reduction, or budgetary sequestration rate, that will be applied to interest subsidy payments on so-called “direct-pay” bonds for fiscal year 2019 (which begins on October …

August 2018

SEC Rule 15c2-12 Amendments Require Disclosure of Additional Events

On August 15, 2018, the Securities and Exchange Commission (SEC) finalized and adopted amendments to Rule 15c2-12 of the Securities Exchange Act of 1934 (Rule 15c2-12), which proscribes certain notice requirements pertaining to obligations of state and loc…

December 2017

Tax Cuts and Jobs Act Becomes Law, Terminates Tax-Exempt Advance Refunding Bonds

On December 22, 2017, H.R. 1, the “Tax Cuts and Jobs Act”, was signed into law. Addressing a wide range of tax policy and revenue matters, starting with a 40% reduction in the corporate income tax rate and significant adjustments to the tax brackets fo…