Resources / Disclosure Notes
Gilmore Bell’s insight and commentary on securities law and disclosure issues in public finance. Please subscribe in the sidebar to receive future posts by email.
Assured Guaranty Municipal Corp. Merger Potentially Triggers Disclosure Obligation of Municipal Issuers
A recent corporate reorganization involving Assured Guaranty Municipal Corp. (“AGM”) may have created a disclosure obligation for municipal issuers with bonds and other obligations secured by an AGM insurance policy. On August 1, 2024, AGM merged into an affiliate,...
LIBOR Transition Risks and Disclosure Considerations
Municipal issuers and market participants with exposure to LIBOR should review potential risks and consider appropriate disclosures to the market. The transition from the London Interbank Offered Rate (“LIBOR”), the reference rate utilized in countless financial...
SEC Officials’ Public Statement on Voluntary COVID-19 Impact Disclosure
On May 4, 2020, the Chairman of the Securities and Exchange Commission (SEC) and the Director of the Office of Municipal Securities released a joint Public Statement entitled “The Importance of Disclosure for Our Municipal Markets.” In the Public Statement, Chairman...
Continuing Disclosure & Coronavirus: Keep Filing If Possible
The spread of Severe Acute Respiratory Syndrome 2 (commonly referred to as the “coronavirus”) in the United States, and the resulting disease known as COVID-19, has resulted in massive disruptions to daily activities and limited the ability of many municipal issuers...
Office of Municipal Securities Issues Legal Bulletin on Public Statements of Municipal Issuers
Staff of the Securities and Exchange Commission’s Office of Municipal Securities (“OMS”) released a Legal Bulletin (the “Legal Bulletin”) on February 7, 2020, expressing OMS staff’s views on the application of the antifraud provisions of the federal securities laws...
The New 15c2-12 Event Requirements – A Practical Approach to Issuer Compliance
Following an August 2018 rule change by the Securities and Exchange Commission, municipal issuers, conduit borrowers and other “obligated persons” will be required to file an event notice with EMMA for the incurrence of certain material “financial obligations” and for...
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