Lexis Nexis Federal Securities Laws of Municipal Bonds Deskbook
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The NABL Library of Publications brings you Federal Securities Laws of Municipal Bonds Deskbook.
Federal Securities Laws of Municipal Bonds Deskbook is an essential guide for all bond lawyers, regulatory staff, in-house counsel for investment banking firms and banks, state and local government attorneys, and other securities professionals. Prepared by members of the National Association of Bond Lawyers, this comprehensive publication delivers all key materials relating to the federal securities laws of municipal bonds in a portable deskbook and companion eBook with expanded content.
The publication contains key sections of the Securities Act of 1933, Securities Exchange Act of 1934, and the Investment Company Act of 1940, as well as select SEC cease-and-desist orders, interpretive and no-action letters, and summaries of important SEC enforcement actions and reports.
The Ninth Edition includes updates to the SEC and MSRB Rules, and the most recent relevant MSRB notices and SEC Actions.
To learn more about other NABL products, please visit www.lexisnexis.com/nabl.
The 8th edition ISBN was 9781522183747.
eBooks, CDs, downloadable content, and software purchases are noncancelable, nonrefundable and nonreturnable. Click here for more information about LexisNexis eBooks. The eBook versions of this title may feature links to Lexis+® service for further legal research options. A valid subscription to Lexis+ or Lexis is required to access this content.
Table of contents
CHAPTER 1 FEDERAL SECURITIES LAWS—33 ACT (SECURITIES ACT OF 1933)
§ 1.01 Section 2(a)(1) (Definition of “Security”) [15 USCS § 77b]
§ 1.02 Section 3(a)(2) and Section 3(a)(4) (Municipal Security Exemption; Exemption for
Security Issued or Guaranteed by a Bank; Other Exemptions) [15 USCS § 77c]
§ 1.03 Section 4(a)(1) (Transactional Exemption From Registration for Sales by Non-
Issuer, Non-Underwriter) [15 USCS § 77d]
§ 1.04 Section 4(a)(2) (Private Placement) [15 USCS § 77d]
§ 1.05 Section 5 (Registration) [15 USCS § 77e]
§ 1.06 Section 11 (Registration Statement Liability) [15 USCS § 77k]
§ 1.07 Section 12 (Prospectus Liability) [15 USCS § 77l]
§ 1.08 Section 17 (Antifraud Provisions) [15 USCS § 77q]
§ 1.09 SEC Rel. No. 33-8185 (Implementation of Standards of Professional Conduct for
Attorneys) (Jan. 29, 2003)
CHAPTER 2 FEDERAL SECURITIES LAWS—34 ACT (SECURITIES EXCHANGE ACT OF 1934)
§ 2.01 Section 3(a) (Selected definitions) [15 USCS § 78c]
§ 2.02 Section 10 (Manipulative and Deceptive Devices) [15 USCS § 78j]
§ 2.03 Section 15B (Municipal Securities) [15 USCS § 78o-4]
§ 2.04 Section 15C (Government Securities Brokers and Dealers) [15 USCS § 78o-5]
§ 2.05 Rule 15c2-12 [17 CFR § 240.15c2-12]
§ 2.06 Section 15G (Credit Risk Retention) [15 USCS § 78o-11]
CHAPTER 3 FEDERAL SECURITIES LAWS— (INVESTMENT COMPANY ACT OF 1940 AND OTHER RELEVANT STATUTES)
§ 3.01 Investment Company Act Section 3(c)(1) (Private Placement Exemption) [15
USCS § 80a-3]
§ 3.02 Investment Company Act Rule 2a-7 [17 CFR § 270.2a-7]
§ 3.03 Investment Company Act Rule 3a-7 [17 CFR § 270.3a-7]
§ 3.04 Investment Company Act Section 2(b) (Exclusion for State and Local
Governments) [15 USCS § 80a-2]
§ 3.05 Investment Advisers Act Section 202(b) (Exclusion for State and Local
Governments) [15 USCS § 80b-2]
§ 3.06 Dodd-Frank Act Section 979 (SEC Office of Municipal Securities)
§ 3.07 Excerpts from the Financial Data Transparency Act of 2022
CHAPTER 4 MUNICIPAL SECURITIES RULEMAKING BOARD RULES AND NOTICES
§ 4.01 Summary of MSRB Rules
§ 4.02 MSRB Notices
CHAPTER 5 SEC ENFORCEMENT ACTIONS
§ 5.01 Orange County, CA (Jan. 24, 1996)
§ 5.02 Maricopa County, AZ (Sept. 30, 1996)
§ 5.03 City of Syracuse, NY (Sept. 30, 1997)
§ 5.04 Allegheny Health, Education, and Research Foundation (“AHERF”) (June 30,
2000)
§ 5.05 City of Miami, FL (June 22, 2001)
§ 5.06 Massachusetts Turnpike Authority and James J. Kerasiotes (July 31, 2003)
§ 5.07 Neshannock Township School District (Apr. 22, 2004)
§ 5.08 In the matter of Ira Weiss (Apr. 22, 2004)
§ 5.09 Dauphin County General Authority (Apr. 26, 2004)
§ 5.10 Public Finance Consultants, Inc. (Apr. 26, 2004)
§ 5.11 Mount Sinai Medical Center of Florida, Inc., M. Brooks Turkel and Harvey W.
Smith (June 7, 2005)
§ 5.12 Utah Educational Savings Plan Trust (Aug. 4, 2005)
§ 5.13 Bear, Stearns & Co. Inc., et al. — Auction Rate Securities (May 31, 2006)
§ 5.14 Dolphin and Bradbury (July 13, 2006)
§ 5.15 City of San Diego, California (Nov. 14, 2006)
§ 5.16 MBIA, Inc. (Jan. 29, 2007)
§ 5.17 In re: Snell and LeCroy (May 3, 2007)
§ 5.18 United States of America v. Larry P. Langford, William B. Blount, and Albert W.
LaPierre (Dec. 5, 2008)
§ 5.19 State of New Jersey (Aug. 8, 2010)
§ 5.20 City of South Miami, Florida (May 22, 2013)
§ 5.21 SEC v. City of Miami, Florida and Michael Boudreaux (July 19, 2013)
§ 5.22 The Greater Wenatchee Regional Events Center Public Facilities District, Allison
Williams, Global Entertainment Corporation, and Richard Kozuback (Nov. 5, 2013)
§ 5.23 State of Illinois (Mar. 11, 2013)
§ 5.24 The City of Harrisburg, Pennsylvania (May 6, 2013)
§ 5.25 West Clark Community Schools (July 29, 2013)
§ 5.26 City Securities Corporation and Randy G. Ruhl (July 29, 2013)
§ 5.27 Public Health Trust of Miami-Dade County, Florida (Sept. 13, 2013)
§ 5.28 United Neighborhood Organization of Chicago and UNO Charter School
Network, Inc. (June 2, 2014)
§ 5.29 City of Harvey, Illinois and Joseph T. Letke (June 24, 2014)
§ 5.30 State of Kansas (Aug. 11, 2014)
§ 5.31 City of Allen Park, Michigan (Nov. 6, 2014)
§ 5.32 Central States Capital Markets, LLC (June 18, 2015)
§ 5.33 Edward D. Jones LP (Aug. 13, 2015)
§ 5.34 SEC v. Christopher Freeman Brogdon (Nov. 20, 2015)
§ 5.35 Rhode Island Commerce Corporation (Mar. 7, 2016)
§ 5.36 First Southwest Company, LLC (Mar. 7, 2016)
§ 5.37 Westlands Water District, Thomas W. Birmingham, and Louie David Ciapponi
(Mar. 9, 2016)
§ 5.38 School Business Consulting, Inc. and Keygent LLC (June 13, 2016)
§ 5.39 SEC v. Rangel (June 21, 2016)
§ 5.40 Town of Ramapo, New York (Apr. 14, 2016)
§ 5.41 SEC v. Eric J. Kellogg, (May 19, 2016)
§ 5.42 In the Matter of School Business Consulting, Inc. and Keygent LLC (June 13,
2016)
§ 5.43 SEC v. Juan Rafael Rangel, (June 21, 2016)
§ 5.44 Consolo, O’Connor Davies, and Town of Ramapo, New York (Oct. 31, 2016)
§ 5.45 Port Authority of New York and New Jersey (Jan. 10, 2017)
§ 5.46 SEC v. Dwayne Edwards (January 20, 2017)
§ 5.47 In the Matter of Lawson Financial Corporation (April 5, 2017)
§ 5.48 In the Matter of Beaumont Financing Authority (August 23, 2017)
§ 5.49 In the Matter of Municipal Finance Services, Inc., (August 24, 2017)
§ 5.50 SEC v. David Webb, Jr. (December 1, 2017)
§ 5.51 SEC v Malachi Financial Products, Inc. (January 2, 2018)
§ 5.52 In the Matter of Barcelona Strategies, LLC (May 9, 2018)
§ 5.53 SEC v Core Performance Management, LLC (August 14, 2018)
§ 5.54 In the Matter of Eric Hall & Associates, LLC (September 20, 2018)
§ 5.55 In the Matter of Ancora Advisors LLC (December 18, 2018)
§ 5.56 In the Matter of Chris D. Rosenthal (December 18, 2018)
§ 5.57 SEC v Dale M. Walker (March 15, 2019)
§ 5.58 SEC v Rhode Island Commerce Corporation (March 20, 2019)
§ 5.59 SEC v Keith Borge (March 28, 2019)
§ 5.60 In the Matter of Clear Scope Advisors, Inc. (April 11, 2019)
§ 5.61 SEC v Town of Oyster Bay (June 7, 2019)
§ 5.62 In the Matter of IFS Securities (June 27, 2019)
§ 5.63 SEC v. Comer Capital Group, LLC and Brandon L. Comer (June 27, 2019)
§ 5.64 In the Matter of School Services of California, Inc. (July 16, 2019)
§ 5.65 In the Matter of Thomas C. Muldoon (September 3, 2019)
§ 5.66 In the Matter of Morgan Stanley Smith Barney, LLC (September 17, 2019)
§ 5.67 Securities and Exchange Commission v. Ruben James Rojas (September 19, 2019)
§ 5.68 SEC v. William Alfred Batchelor and John Michael Zukoski (April 27, 2020)
§ 5.69 SEC v. Park View School, Inc. and Debra Kay Slagle (September 14, 2020)
§ 5.70 In the Matter of First Midstate Inc. and Paul D. Brown (December 22, 2020)
§ 5.71 In the Matters of Christopher L. Stanley, CPA and Jennifer M. Stewart, CPA
(February 23, 2021)
§ 5.72 In the Matters of Crews & Associates Inc. and Rush F. Harding III (August 26,
2021)
§ 5.73 In the Matter of Sweetwater Union High School District and SEC v. Karen Michel
(September 16, 2021)
§ 5.74 In the Matters of Crosby Independent School District, and Shelby Lackey CPA
and SEC v. Carla Merka (March 16, 2022)
§ 5.75 In the Matter of Town of Sterlington, Louisiana and SEC v. Vern A. Breland, Aaron
B. Fletcher and Twin Spires Financial LLC (June 2, 2022)
§ 5.76 SEC v. Everton Sewell, City of Rochester, New York, Rosiland Brooks-Harris,
Capital Markets Advisors, LLC, Richard Ganci, and Richard Tortora (June 14, 2022)
§ 5.77 SEC v. Anthony Michael Holland (June 16, 2022)
§ 5.78 In the Matters of Jefferies LLC, BNY Mellon Capital Markets, LLC and TD
Securities (USA) LLC (September 13, 2022)
§ 5.79 SEC vs. Oppenheimer & Co. Inc. (September 13, 2022)
§ 5.80 In the Matter of Loop Capital Markets, LLC (September 14, 2022)
§ 5.81 In the Matters of Canaan Management, LLC, Asset Management Group of Bank
of Hawaii, High-land Capital Partners, LLC and Starvest Management, Inc. (September
15, 2022)
§ 5.82 Municipal Continuing Disclosure Cooperation Initiative
CHAPTER 6 KEY SEC REPORTS, RELEASES, AND PUBLIC STATEMENTS
§ 6.01 SEC Final Report on the City of New York (1979)
§ 6.02 SEC Report on Municipal Securities Market Regulation (Sept. 22, 1988)
§ 6.03 Proposed Rule Concerning Municipal Securities Disclosure (Sept. 22, 1988)
§ 6.04 SEC Staff Report Summary (Sept. 1993) (the “1993 Staff Report”)
§ 6.05 Excerpts from SEC Rel. Nos. 33-7049, 34-33741 (March 9, 1994) (Statement of the Commission Regarding Disclosure Obligations of Municipal Securities Issuers and Others) (the "Interpretive Release")
§ 6.06 SEC Rel. No. 36761. (Jan. 24, 1996) (Report of investigation in the matter of County of Orange, California as it relates to the conduct of the members of the Board of Supervisors)
§ 6.07 SEC Report on the Municipal Securities Market (July 31, 2012)
§ 6.08 SEC Report on the Definition of “Accredited Investor” (Dec. 18, 2015)
§ 6.09 SEC Rel. No. 69516 (May 6, 2013) (Report of Investigation in the Matter of the City of Harrisburg, Pennsylvania Concerning the Potential Liability of Public Officials with Regard to Disclosure Obligations in the Secondary Market)
§ 6.10 Staff Legal Bulletin No. 21 (February 7, 2020) (Application of Antifraud Provisions to Public Statements of Issuers and Obligated Persons of Municipal Securities in the Secondary Market)
§ 6.11 The Importance of Disclosure for our Municipal Markets (May 4, 2020)
CHAPTER 7 SEC GUIDANCE ON ELECTRONIC DISSEMINATION AND DISCLOSURE
§ 7.01 SEC Rel. Nos. 33-7856, 34-42728 (Apr. 28, 2000) (Use of Electronic Media)
§ 7.02 SEC Rel. Nos. 33-8591, 34-52056 (July 19, 2005) (Part VI, Prospectus Delivery Forms — "Access Equals Delivery")
§ 7.03 SEC Rel. No. 34-58288 (Aug. 1, 2008) (Commission Guidance on the Use of Company Web Sites)
§ 7.04 SEC Rel. No. 34-69279 (Apr. 2, 2013) (Use of Social Media)
CHAPTER 8 TREATISES AND OTHER SECONDARY RESOURCES ON MUNICIPAL SECURITIES
§ 8.01 The Bond Basics (NABL 2023)
§ 8.02 2022 Fundamentals of Municipal Bond Law Blue Book (NABL 2022)
§ 8.03 Robert S. Amdursky, Clayton P. Gillette, and G. Allen Bass, Municipal Debt Finance Law: Theory and Practice (Wolters Kluwer: 2nd ed. 2013, with supplements) (updates only available electronical-ly; available on VitalLaw)
§ 8.04 M. David Gelfand, State and Local Government Debt Financing Materials (2022) (also available on Westlaw)
§ 8.05 Disclosure Roles of Counsel in State and Local Government Securities Offerings (American Bar Association and National Association of Bond Lawyers: 3rd ed., 2009)
§ 8.06 John C. Coffee and Joel Seligman, Securities Regulation: Cases and Materials (12th ed. 2012)
§ 8.07 Sylvan G. Feldstein and Frank J. Fabozzi, eds., The Handbook of Municipal Bonds (John Wiley & Sons, Inc.: 2008)
§ 8.08 Robert A. Fippinger, Securities Laws of Public Finance (Practicing Law Institute: 3rd ed., 2011) (with supplements, available electronically on PLI)
§ 8.09 Thomas L. Hazen, The Law of Securities Regulation (West 7th ed.) (with supplements) (available electronically on Westlaw)
§ 8.10 Michael J. Missal and Richard M. Phillips, Securities Enforcement Manual (2nd ed., 2007)
§ 8.11 National Association of Bond Lawyers, "The Function and Professional Responsibilities of Bond Counsel" (3rd ed. 2011)
§ 8.12 Neil O’Hara, The Fundamentals of Municipal Bonds (John Wiley & Sons, Inc.: 6th ed. 2011)
§ 8.13 Robert Dean Pope, Making Good Disclosure: The Role and Responsibilities of State and Local Officials Under the Federal Securities Laws (Government Finance Officers Association: 2001)
§ 8.14 Robert Doty, Expanding Municipal Securities Enforcement: Profound Changes for Issuers & Officials (International Municipal Lawyers Association, 2016)
§ 8.15 Stacey Crawshaw-Lewis, Glenn Weinstein, David Y. Bannard, and Erich Schmitz, Practical Considerations in Electronic Disclosure by State and Municipal Bond Issuers, (Municipal Finance Journal (Volume 40, Number 3))
CHAPTER 9 DISCLOSURE RESOURCES FOR PRIMARY OFFERINGS AND CONTINUING DISCLOSURE
§ 9.01 How to Use Disclosure Resources
§ 9.02 SEC Resources
§ 9.03 NABL Resources
§ 9.04 GFOA Resources
§ 9.05 NFMA Resources
§ 9.06 Other Resources
