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 Consolo, O’Connor Davies, and Town of Ramapo, New York (Oct. 31, 2016)
§ 5.43 Port Authority of New York and New Jersey (Jan. 10, 2017)
§ 5.44 SEC v. Dwayne Edwards (January 20, 2017)
§ 5.45 In the Matter of Lawson Financial Corporation (April 5, 2017)
§ 5.46 In the Matter of Beaumont Financing Authority (August 23, 2017)
§ 5.47 In the Matter of Municipal Finance Services, Inc., (August 24, 2017)
§ 5.48 SEC v. David Webb, Jr. (December 1, 2017)
§ 5.49 SEC v Malachi Financial Products, Inc. (January 2, 2018)
§ 5.50 In the Matter of Barcelona Strategies, LLC (May 9, 2018)
§ 5.51 SEC v Core Performance Management, LLC (August 14, 2018)
§ 5.52 In the Matter of Eric Hall & Associates, LLC (September 20, 2018)
§ 5.53 In the Matter of Ancora Advisors LLC (December 18, 2018)
§ 5.54 SEC v Dale M. Walker (March 15, 2019)
§ 5.55 SEC v Rhode Island Commerce Corporation (March 20, 2019)
§ 5.56 SEC v Keith Borge (March 28, 2019)
§ 5.57 In the Matter of Clear Scope Advisors, Inc. (April 11, 2019)
§ 5.58 SEC v Town of Oyster Bay (June 7, 2019)
§ 5.59 In the Matter of IFS Securities (June 27, 2019)
§ 5.60 SEC v. Comer Capital Group, LLC and Brandon L. Comer (June 27, 2019)
§ 5.61 In the Matter of School Services of California, Inc. (July 16, 2019)
§ 5.62 In the Matter of Thomas C. Muldoon (September 3, 2019)
§ 5.63 In the Matter of Morgan Stanley Smith Barney, LLC (September 17, 2019)
§ 5.64 Securities and Exchange Commission v. Ruben James Rojas (September 19, 2019)
§ 5.65 SEC v. William Alfred Batchelor and John Michael Zukoski (April 27, 2020)
§ 5.66 SEC v. Park View School, Inc. and Debra Kay Slagle (September 14, 2020)
§ 5.67 In the Matter of First Midstate Inc. and Paul D. Brown (December 22, 2020)
§ 5.68 In the Matters of Christopher L. Stanley, CPA and Jennifer M. Stewart, CPA
(February 23, 2021)
§ 5.69 In the Matters of Crews & Associates Inc. and Rush F. Harding III (August 26, 2021)
§ 5.70 In the Matter of Sweetwater Union High School District and SEC v. Karen Michel
(September 16, 2021)
§ 5.71 In the Matters of Crosby Independent School District, and Shelby Lackey CPA and SEC v.
Carla Merka (March 16, 2022)
§ 5.72 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)
§ 5.73 SEC v. Everton Sewell, City of Rochester, New York, Rosiland Brooks-Harris, Capital
Markets Advisors, LLC, Richard Ganci, and Richard Tortora (June 14, 2022)
§ 5.74 SEC v. Anthony Michael Holland (June 16, 2022)
§ 5.75 In the Matters of Jefferies LLC, BNY Mellon Capital Markets, LLC and TD Securities (USA) LLC (September 13, 2022)
§ 5.76 SEC vs. Oppenheimer & Co. Inc. (September 13, 2022)
§5.77 In the Matter of Loop Capital Markets, LLC (September 14, 2022)
§ 5.78 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)
§ 5.79 In the Matter of Fieldman Rolapp & Associates, Inc. and Anna Sarabian (Sep. 25, 2023)
§ 5.80 In the Matter of Tensquare, LLC and Karl Jentoft (Aug. 27, 2024)
§ 5.81 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 2025 Fundamentals of Municipal Bond Law Blue Book (NABL 2025)
§ 8.02 Andrew R. Kintzinger, Paul S. Maco, and Fredric A. Weber, “Federal Regulation of the Municipal Securities Market: A (Not so) Brief History and Retrospective”, (The Bond Lawyer: The Journal of the National Association of Bond Lawyers, Vol. 48, No. 2 (Pt. 1) (2024); Vol. 48, No. 3 (Pt. 2)(2024); Vol. 48, No. 4 (Pt. 3)(2024); Vol. 49, No. 1 (Pt. 4)(2025)
§ 8.03 James A. Coniglio, State and Local Government Debt Financing (2024-2025) (also available on Westlaw)
§ 8.04 John C. Coffee, Hillary A. Sale, Charles K. Whitehead, Securities Regulation: Cases and Materials (15th ed. 2024)
§ 8.05 Thomas L. Hazen, The Law of Securities Regulation (West 8th ed.) (with supplements) (2023-2025)
§ 8.06 The Bond Basics (NABL 2023)
§ 8.07 Ann D. Fillingham, Alexandra M. McLennan, Joseph (Jodie) E. Smith, and Perry Israel, Municipal Market Evolution Reflecting the Constitutional Underpinnings of the Law of Public Finance, (The Urban Lawyer, American Bar Association, Vol. 52, No. 1 (2023)) (also published in The Bond Lawyer: The Journal of the National Association of Bond Lawyers, Vol. 47, No. 2 (2023))
§ 8.08 Disclosing Risk Factors in Municipal Securities Offerings (NABL 2023)
§ 8.09 Due Diligence Considerations in Primary Off erings of Municipal Securities (NABL 2022)
§ 8.10 Robert Doty, Expanding Municipal Securities Enforcement: Profound Changes for Issuers & Officials (International Municipal Lawyers Association, 2016)
§ 8.11 Robert S. Amdursky, Clayton P. Gillette, and G. Allen Bass, Municipal Debt Finance Law: Theory and Practice (Wolters Kluwer: 2nd ed. 2013), with supple- ments) (updates only available electronically; available on VitalLaw)
§ 8.12 Sylvan G. Feldstein and Frank J. Fabozzi, eds., The Handbook of Municipal Bonds (John Wiley & Sons, Inc.: 2011)
§ 8.13 Robert A. Fippinger, Securities Laws of Public Finance (Practicing Law Institute: 3rd ed., 2011) (with supplements, available electronically on PLI)
§ 8.14 National Association of Bond Lawyers, “The Function and Professional Responsibilities of Bond Counsel” (3rd ed. 2011)
§ 8.15 Neil O’Hara, The Fundamentals of Municipal Bonds (John Wiley & Sons, Inc.: 6th ed. 2011)
§ 8.16 Disclosure Roles of Counsel in State and Local Government Securities Offerings (American Bar Association and National Association of Bond Lawyers: 3rd ed., 2009)
§ 8.17 Michael J. Missal and Richard M. Phillips, Securities Enforcement Manual (2nd ed., 2007)
§ 8.18 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)
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
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