Public Finance – 2013 in Review and the Outlook for 2014

    January 2014

    2013 was a remarkable year for developments in the municipal market, particularly for matters relating to federal securities laws and federal tax laws. To review important regulatory issues in 2013 and look ahead to 2014, Squire Sanders Public Finance lawyers have assembled Public Finance – 2013 in Review and the Outlook for 2014.

    Topics from 2013 include:

    • SEC Enforcement Activities in Overdrive
    • Long Awaited Municipal Advisor Regulations
    • Sequestration Cuts Direct Pay Bond Payments and Other State and Local Government Funding
    • IRS Issues Final Report of its Colleges and Universities Compliance Project
    • Proposed Arbitrage Regulations Released September 16

    Our lawyers anticipate for 2014:

    • Municipal market will be dominated by implementation of the municipal advisor rule
    • Continuation of stepped up enforcement activities of the SEC in the municipal market
    • Application of the so-called “Volcker Rule” to municipal securities
    • Continued IRS focus on compliance by tax-exempt institutions
    • IRS and Treasury Guidance on arbitrage regulations and private activity bonds
    • Potential limits on the federal subsidy of state and local bonds as part of broader reform