In recent months, the U.S. Securities and Exchange Commission has announced that it will soon begin regular examinations of broker-dealers in an effort to improve compliance with their due diligence obligations when participating in an underwriting of municipal bonds.
In response, the Financial Industry Regulatory Authority, the largest independent regulator for securities firms in the United States, has announced that it will begin conducting examinations to confirm broker-dealers’ compliance with such obligations. For issuers preparing for an offering of municipal securities, this likely will entail a significantly increased due diligence exercise, including greater or expanded due diligence memoranda, conference calls, checklists, requests for documents and records, on-site review sessions and other methods of information gathering, in an effort by underwriters and their counsel to document compliance.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
