June 2020

SEC Releases Order Granting a Temporary Exemption for Municipal Advisors Soliciting Banks to Place Bonds

On June 16, 2020, the Securities and Exchange Commission issued an Exemptive Order in Release 34-89074 to temporarily permit registered municipal advisors (MAs) to solicit banks and other financial institutions in connection with the direct placement of ce…

May 2020

IRS Blesses “Dial-In” TEFRA Hearings and Enhances Bond Self-Purchase Guidance in Response to COVID-19 Emergency

On May 4, 2020, the Treasury Department and the Internal Revenue Service released two guidance pieces designed to address issues currently challenging the public finance markets as a result of the COVID-19 pandemic.  The first release, Revenue Procedure 2…

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 …