Securities Law and Disclosure
Joint Response to ABS Conflicts of Interests Proposal
Comments submitted by a NABL-led coalition in response to the SEC’s request for comments on its proposed rule “Prohibition Against Conflicts of Interest in Certain Securitizations.”
Statute passed in the wake of the 2008-2009 financial meltdown that enacted sweeping changes in the regulation of financial institutions, municipal advisors, and the financial markets.
Financial Industry Regulatory Authority (“FINRA”)
A non-governmental entity that oversees and regulates a portion of the federal securities industry.
Securities and Exchange Commission (SEC)
Federal agency that oversees and regulates the securities industry and aims “to protect investors, maintain fair, orderly and efficient markets and facilitate capital formation.”
The difference between the amount an underwriter pays the issuer for the bonds at the closing (i.e., the purchase price) and the price at which the underwriter sells the bonds…
An attorney or firm of attorneys engaged to represent the underwriter(s) in connection with the issuance of bonds.
Stickering or Supplementing
Amending or supplementing a preliminary official statement or an official statement, typically to provide information about new developments or updated information affecting the issuer, the conduit borrower, or the bond…
PFN Letter on FDTA Implementation
Issuer groups of the Public Finance Network (PFN) submit a letter to Treasury and SEC on the Financial Data Transparency Act (FDTA).
A special legal interest in property, fixtures or revenues that exists by contract as Security for payment or performance of an obligation. See Also
Any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or evidence of any participation in any profit-sharing agreement.
SEC Rule 15c2-12
Rule promulgated under the 1934 Exchange Act and adopted by the SEC in 1989 to establish standards for the procurement and dissemination of disclosure documents by underwriters as a means…
Qualified Institutional Buyer (“QIB”)
An investor satisfying the definition promulgated by the SEC in Rule 144A under the 1933 Act.