By Eugene G. Bernardo II and David M. DiSegna Section 13532 of the Tax Cuts and Jobs Act of 2017 (the “2017 Act”) eliminated the tax exemption for interest on advance refunding bonds (defined as bonds issued more than 90 days before the redemption of the bonds to be refunded). However, after the 2017 Act’s...
By Eugene G. Bernardo II and David M. DiSegna Paragraph (b)(5) of Rule 15c2-12 (17 C.F.R. 240.15c2-12) prohibits a participating underwriter from purchasing or selling municipal securities in an offering unless it has reasonably determined that an issuer or obligated person of the municipal securities has undertaken in a continuing disclosure agreement to provide certain...
By Eugene G. Bernardo II No one can deny the U.S. Senate’s authority in the judicial nominating process. However, something terribly wrong has happened as that majestic body has aggrandized and distorted its role in excess of our founders’ intent. If the rule of law is to survive in its traditional form, the judicial confirmation...
By Eugene G. Bernardo II and Alexandra W. Pezzello Under rules adopted by the Securities and Exchange Commission (the “SEC”) last September that go into effect July 1, 2014, municipal advisors must now register with the SEC. The rules are the result of provisions in the Dodd-Frank Act and are intended to provide additional protections...
By Eugene G. Bernardo II and Alexandra W. Pezzello Recently, the Securities and Exchange Commission (the “SEC”) broke new ground when it charged Harrisburg, Pennsylvania (the “City”) with securities fraud in connection with material misstatements and omissions regarding the City’s financial condition. This represents the first time that statements outside of securities disclosures were the...
By Eugene G. Bernardo II and Alexandra W. Pezzello On July 31, 2012, the Security and Exchange Commission (the “SEC”) issued its much-awaited Report on the Municipal Securities Market (the “Report”). The 165-page Report is the product of a two-year examination of the $3.7 trillion municipal bond market by the SEC. The Report contains recommendations to enhance...
