TABLE OF CONTENTS
I. FEDERAL SECURITIES LAWS
A. 33 ACT (Securities Act of 1933)
1. Section 2(a)(1) (Definition of a "security") [15 USCS Section 77b]
2. Section 3(a)(2) (Municipal security exemption; exemption for security issued or guaranteed by a bank) [15 USCS Section 77c]
a. Rel. No. 33-6661 (Sept. 23, 1986) (Foreign Banks)
3. Rule 131 (Definition of a "separate security") [17 CFR Section 230.131]
a. Related SEC Releases
(1) Rel. No. 33-4896 (Feb. 1, 1968)
(2) Rel. No. 33-4921 (Aug. 28, 1968)
(3) Rel. No. 33-5055 (Mar. 31, 1970)
(4) Rel. No. 33-5103 (Nov. 6, 1970)
4. No-Action Letters--Merrill Lynch (pub. avail. Sept. 26, 1990) (Whether new non-municipal security created by structuring principal and interest strips)
5. Section 4(1) (Transactional exemption from registration for sales by non-issuer, non-underwriter) [15 USCS Section 77d]
a. Rule 144 (Holding period) [17 CFR Section 230.144]
b. Rule 144A (Sales to Qualified Institutional Buyers) [17 CFR Section 230.144A]
6. Section 4(2) (Private placement) [15 USCS Section 77d]
a. Regulation D (Section 4(2) safe harbor) [17 CFR Section 230.501 through 17 CFR Section 230.508]
7. Section 5 (Registration) [15 USCS Section 77e]
8. Section 11 (Registration statement liability) [15 USCS Section 77k]
9. Section 12 (Prospectus liability) [15 USCS Section 77l]
10. Section 17(a) (Antifraud provisions) [15 USCS Section 77q]
11. SEC Rel. No. 33-8185 (Standards of professional conduct for attorneys) (January 29, 2003)
B. 34 ACT (Securities Exchange Act of 1934)
1. Section 3(a) (Selected definitions) [15 USCS Section 78c]
a. Section 3(a)(4) (Definition of "broker")
b. Section 3(a)(5) (Definition of "dealer")
c. Section 3(a)(12) (Definition of “exempted security”)
d. Section 3(a)(18) (Definition of “person associated with a broker or dealer”)
e. Section 3(a)(29) (Definition of "municipal securities")
f. Section 3(a)(30) (Definition of "municipal securities dealer")
g. Section 3(a)(32) (Definition of “person associated with a municipal securities dealer”)
2. Section 15B (d)(1) and (2) (Tower amendment) [15 USCS Section 78o-4]
3. Section 15C (Government brokers and dealers) [15 USCS Section 78o-5]
4. Rule 10b-5 [17 CFR Section 240.10b-5]
5. Rule 15c2-12 [17 CFR Section 240.15c2-12]
a. SEC Releases
(1) Rel. No. 34-26100 (Sept. 22, 1988) (proposing Rule 15c2-12; underwriter responsibilities)
(2) Rel. No. 34-26985 (June 28, 1989) (adoption of Rule 15c2-12 as final rule)
(3) Rel. Nos. 33-7049, 34-33741 (Mar. 9, 1994) (Statement of the Commission regarding Disclosure Obligations of Municipal Securities Issuers and Others) (the "Interpretive Release")
(4) Rel. No. 34-33742 (Mar. 9, 1994) (publication of continuing disclosure provisions of Rule 15c2-12 for comment)
(5) Rel. No. 34-34961 (Nov. 10, 1994) (adoption of continuing disclosure provisions of Rule 15c2-12)
b. Interpretive and No-Action Letters; Exemptive Order
(1) Mudge Rose Letter, dated Apr. 4, 1990
(2) Ballard Spahr Letter, dated June 1, 1990
(3) Pillsbury, Madison Letter, dated Mar. 11, 1991
(4) PSA Letter, dated Mar. 11, 1991
(5) State of Tennessee Letter, dated Mar. 2, 1995
(6) R.V. Norene Letter, dated May 4, 1995
(7) Letter from Robert L. D. Colby to National Association of Bond Lawyers, dated June 23, 1995 ("NABL I")
(8) Jones, Day Letter dated July 7, 1995
(9) Letter from Catherine McGuire to National Association of Bond Lawyers, dated September 19, 1995 ("NABL II")
(10) Letter from Janet W. Russell-Hunter to Hawkins, Delafield & Wood re North Carolina Municipal Power Agency Number 1, dated Oct. 26, 1995 ("Hawkins Letter")
(11) Exemptive Order regarding Texas Permanent School Fund, granted by letter from Catherine McGuire to Texas Education Agency, dated Feb. 9, 1996 ("Texas Education Letter")
(12) Letter from Catherine McGuire to the Subcommittee on Public Securities of the Public Finance Committee of the State and Local Government Law Section of the American Bar Association, dated Mar. 15, 1996 ("ABA Letter")
(13) Digital Assurance Certification L.L.C. No-Action Letter, dated Sept. 21, 2001 ("DAC Letter")
(14) Interpretive Letter Regarding DisclosureUSA, dated Sept. 7, 2004 ("Central Post Office Letter")
(15) SEC Staff Letter Regarding Treasury Circular 230, dated Aug. 3, 2005
C. 40 ACT (Investment Company Act of 1940)
1. Section 3(c)(1)(Private placement exemption) [15 USCS Section 80a-3]
2. Rule 2a-7 [17 CFR Section 270.2a-7]
a. SEC Rel. Nos. 33-7275, IC-21837 (Mar. 21, 1996)
b. SEC Rel. Nos. 33-7479, IC-22921 (Dec. 2, 1997)
3. Rule 3a-7 [17 CFR Section 270.3a-7]
a. SEC Rel. No. IC-19105 (Nov. 19, 1992) (Adopting release)
II. MSRB RULES
A. G-11. (New Issue Syndicate Practices)
B. G-14. (Reports of Sales or Purchases)
C. G-17. (Conduct of municipal securities activities)
D. G-23. (Activities of financial advisors)
E. G-32. (Disclosures in connection with new issues)
F. G-34. (CUSIP Numbers and New Issue Requirements)
G. G-36. (Delivery of Official Statements, Advance Refunding Documents and Forms G-36(OS) and G-36(ARD) to Board or its Designee)
H. G-37. (Political Contributions and Prohibitions on Municipal Securities Business)
I. G-38. (Solicitation of Municipal Securities Business)
III. SEC ENFORCEMENT ACTIONS
A. Orange County, CA (Jan. 24, 1996)
1. SEC Rel. Nos. 33-7260, 34-36760 (Jan. 24, 1996)
2. SEC Lit. Rel. No. 14913 (May 17, 1996)
B. Maricopa County, AZ (Sept. 30, 1996)
1. SEC Rel. Nos. 33-7345, 34-37748 (Sept. 30, 1996)
2. SEC Rel. Nos. 33-7353, 34-37777 (Oct. 2, 1996)
3. SEC Rel. Nos. 33-7354, 34-37779 (Oct. 3, 1996)
C. City of Syracuse, NY (Sept. 30, 1997)
1. SEC Rel. Nos. 33-7460, 34-39149 (Sept. 30, 1997)
D. Allegheny Health, Education, and Research Foundation (AHERF) (June 30, 2000)
1. SEC Rel. Nos. 33-1252, 34-42742 (May 2, 2000)
2. SEC Lit. Rel. No. 16534 (May 2, 2000)
3. SEC Rel. Nos. 33-1283, 34-42992 (June 30, 2000)
E. City of Miami, FL (June 22, 2001)
1. SEC Initial Decisions Rel. No. 185 (June 22, 2001)
2. SEC Rel. No. 33-8213 (Mar. 21, 2003)
F. Massachusetts Turnpike Authority and James J. Kerasiotes (July 31, 2003)
1. SEC Rel. No. 33-8260 (July 31, 2003)
G. Neshannock Township School District (Apr. 22, 2004)
1. SEC Rel. Nos. 33-8411, 34-49600 (Apr. 22, 2004)
H. In Re: Matter of Weiss (Apr. 22, 2004)
1. SEC Rel. Nos. 33-8412, 34-49596 (Apr. 22, 2004)
2. SEC Rel. Nos. 33-8641, 34-52875 (Dec. 2, 2005)
3. Weiss v. SEC, 373 U.S. App. D.C.369 (2006)
I. Dauphin County General Authority (Apr. 26, 2004)
1. SEC Rel. No. 33-8415 (Apr. 26, 2004)
J. Public Finance Consultants, Inc. (Apr. 26, 2004)
1. SEC Rel. Nos. 33-8414, 34-49619 (Apr. 26, 2004)
K. Mount Sinai Medical Center of Florida, Inc., M. Brooks Turkel and Harvey W. Smith (June 7, 2005)
1. SEC Rel. Nos. 33-8580, 34-51797 (June 7, 2005)
L. Bear, Stearns & Co., Inc. et al.—Auction Rate Securities (May 31, 2006)
1. SEC Rel. Nos. 33-8684, 34-53888 (May, 31, 2006)
M. Dolphin and Bradbury (July 13, 2006)
1. SEC Initial Decision Rel. No. 274 (Feb. 25, 2005)
2. SEC Rel. Nos. 33-8721, 34-54143 (July 13, 2006)
N. City of San Diego, Calif. (Nov. 14, 2006)
1. SEC Rel. Nos. 33-8751, 34-54745 (Nov. 14, 2006)
O. MBIA Inc. (Jan. 29, 2007)
1. SEC Rel. Nos. 33-8776, 34-55184 (Jan, 29, 2007)
P. In re: Snell and Le Croy (May 3, 2007)
1. SEC Initial Decision Rel. No. 330 (May 3, 2007)
IV. EXCERPTS FROM KEY COMMISSION REPORTS
A. Orange County Report (Jan. 24, 1996)
1. SEC Rel. No. 36761 (Jan. 24, 1996)
B. SEC Staff Report Summary (Sept. 1993) ("1993 Staff Report")
C. Proposed Rule Concerning Municipal Securities Disclosure (Sept. 22, 1988)
1. SEC Rel. No. 34-26100 (Sept. 22, 1988)
D. SEC Report on Municipal Securities Market Regulation (Sept. 22, 1988)
1. SEC Report on Municipal Securities Regulation (Sept. 22, 1988)
2. SEC Staff Report Summary (Sept. 1988) (WPPSS Staff Report)
E. SEC Final Report on the City of New York (1979)
1. SEC Rel. Nos. 33-6021, 34-15547 (Feb. 5, 1979)
2. SEC Staff Report Summary (1977) (NYC Staff Report)
V. SEC GUIDANCE ON ELECTRONIC DISSEMINATION--INTERNET RELEASES
A. SEC Rel. No. 33-7233 (Oct. 6, 1995)
B. SEC Rel. No. 33-7288 (May 9, 1996)
C. SEC Rel. No. 33-7289 (May 9, 1996)
D. SEC Rel. No. 33-7856 (Apr. 28, 2000)
E. SEC Rel. No. 33-8591 (July 19, 2005)--Part. VI, Prospectus Delivery Forms ("Access Equals Delivery")
VI. WEBSITE LISTINGS FOR THE MUNICIPAL SECURITIES PRACTITIONER
A. DisclosureUSA
B. GFOA
C. IRS
D. MSRB
E. NABL
F. NALHFA
G. NCSHA
H. NFMA
I. SEC
J. SIFMA
John M. McNally
John M. McNally is a partner in the Washington, D.C., office of Hawkins Delafield & Wood LLP, where his practice focuses principally on serving as disclosure counsel to
municipal issuers. He earned his J.D. at Georgetown University Law Center and his B.A. at the University of Pennsylvania, and began his career as a staff attorney in the Securities and Exchange Commission¿s Division of Market Regulation. Mr. McNally served as Vice-Chair (2000-2001) and Chair (2002) of NABL¿s Securities Committee, and is currently serving on NABL¿s Board of Directors. He is a frequent moderator and speaker at NABL education programs regarding the application of the federal securities law to public finance.
Andrew Kintzinger
Andrew R. Kintzinger is counsel in the Washington, D.C., office of Hunton & Williams
LLP, where his practice includes the federal securities laws and federal tax laws applicable to municipal bonds. He earned his J.D. at the University of Iowa College of Law, where he was Articles Editor of the Iowa Law Review, and his A.B. at Dartmouth College. Mr. Kintzinger is
a past President of NABL. He is a frequent moderator and speaker at NABL education
programs.
Teri M. Guarnaccia
Teri M. Guarnaccia is a partner in the Baltimore, Maryland, office of Ballard Spahr
Andrews & Ingersoll LLP, where her practice includes a public finance transactional practice
and a real estate finance practice. Her transactional public finance practice includes work as underwriter¿s counsel, bond counsel and borrower¿s counsel in both tax-exempt and taxable bond financings. She earned her J.D. at Cornell Law School and her B.A. at Tulane University.
She served on the 2005-2006 NABL Securities Law Committee.
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