On November 30, 2020 UK and US regulators published a series of statements providing guidance and milestones for the transition away from LIBOR and cessation of LIBOR rate publication....more
On November 30, 2020, the UK and US banking regulators published a series of statements that provide further guidance and milestones for the transition away from the London Inter-Bank Offered Rate (LIBOR) and cessation of...more
As both lenders and borrowers in the financial industry are well aware, the Financial Conduct Authority (FCA) of the United Kingdom publicly announced in 2017 that it would no longer compel financial institutions comprising...more
8/18/2020
/ Alternative Reference Rates Committee (ARRC) ,
Banks ,
Benchmarks ,
Borrowers ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
Interest Rates ,
Lenders ,
Libor ,
Secured Overnight Funding Rate (SOFR) ,
Transitional Arrangements ,
UK
The following is not a white paper or an invitation to participate in a webinar. It is offered as a useful checklist for businesses to evaluate potential additional credit needs and to understand problems that could arise...more
4/2/2020
/ Borrowers ,
Business Continuity Plans ,
Business Interruption ,
Coronavirus/COVID-19 ,
Credit ,
Crisis Management ,
Emergency Management Plans ,
Financial Services Industry ,
Loan Documentation ,
Loans ,
SBA ,
SBA Lending Programs
The Legal Opinions Committee of the American Bar Association’s Business Law Section and the Working Group on Legal Opinions Foundation have recently published their Statement of Opinion Practices and related Core Opinion...more
On December 12, 2017, the Board of Governors of the Federal Reserve System (FRB) issued Notice 2017-26761 (82 FR 58397, Docket Number OP-1573) expressing its intent to begin publication during the second quarter of 2018 of...more
On May 11, 2016, the Department of Treasury, Financial Crimes Enforcement Network (FinCEN) published its final rule (81 FR 29398) on required “know your customer” due diligence procedures (Rule). The Rule established a...more
On December 20, 2017 Congress passed the Tax Cuts and Jobs Act (TCJA). The legislation was signed by President Trump on December 22, 2017 and many key provisions of the law became effective on December 31, 2017....more
It has traditionally been a fairly common practice in the municipal bond arena for issuers to either select or have significant input into the selection of underwriter’s counsel in connection with the issuance of municipal...more
At its meeting on March 1, 2017, the United States Securities and Exchange Commission (SEC) voted to formally propose and publish for comment amendments to Rule 15c2-12 to add two additional disclosure events to written...more
In the first federal jury trial against a municipality for securities law violations, the U.S. Securities and Exchange Commission (SEC) on September 14, 2016 successfully obtained a verdict against the City of Miami and a...more
One of the hottest current topics in the world of municipal finance is the issue of the “voluntary” reporting on the Municipal Securities Rulemaking Board’s (“MSRB”) Electronic Municipal Marketplace Access system (“EMMA”) of...more
Significant developments in the way municipal entities borrow money are under way. Last year, issuances of new municipal bonds in traditional municipal bond markets dropped to near historic lows and the outlook for 2014 is...more
7/23/2014
A governmental entity in Pennsylvania may deposit its moneys in a financial institution only if the financial institution pledges collateral for the deposit to the extent the deposit exceeds the FDIC insurance limits. This...more
On September 20, 2013, the Securities and Exchange Commission (SEC) published its final regulations regarding the registration of “municipal advisors.” These final regulations create a permanent registration regime in place...more