May 14, 2020

Municipal Securities

Municipal Securities

Disclosure Obligations of Underwriters of Municipal Securities
      Robert A. Fippinger and Edward L. Pittman, 47(1): 127–56 (Nov. 1991)
In the past few years, the SEC has published its view of the disclosure responsibilities of municipal underwriters imposed by the general antifraud provisions of the federal securities laws and also has adopted rule 15c2–12 under the Exchange Act that creates a formal process for disclosure in municipal offerings. In this Article, the authors provide an overview of the SEC's initiatives and describe the relationship between the general antifraud provisions and the structure for municipal offerings mandated by rule 15c2–12.

Certain Legal Aspects of Secondary Market Municipal Derivative Products
      George G. Wolf, Gary A. Hermann, and Adam W. Glass, 49(4): 1629–89 (Aug. 1994)
Secondary market synthetic securities, which tailor the cash flows on an existing security to meet the needs of a particular market or even a particular investor, are an emerging force in the financial markets. Efforts to create synthetic tax-exempt municipal securities must retain this feature. Although certain types of municipal derivatives may be structured to retain the municipal obligation's exemption from registration under federal securities laws, other synthetic tax-exempt securities will require an independent basis for exemption from the Securities Act and the Investment Company Act. Synthetic securities targeted for sale to money market and other mutual funds must meet additional requirements. This Article explores the essential federal tax and securities aspects of synthetic municipal securities.