- It’s been a busy week, folks, so pay attention.
- On the regulatory side, the SEC adopted final Muni Advisor Rules and the MSRB filed proposed rule changes to MSRB Rule G-11 on Bondholder Consents. We highly recommend that you take a look at each of the articles contained in the Regulatory section of this week’s issue.
- On the tax side, the IRS stirred up the proverbial hornets’ nest with its proposed new Issue Price Rules and is preparing to add new Resolution Standards to VCAP.
- We have also included both the full text, and an introductory summary of, the IRS’ recently proposed Regs on Arbitrage Restrictions on Tax-Exempt Bonds and Regs on Arbitrage Rebate Overpayments on Tax-Exempt Bonds. Once again, we highly recommend that you take a look at each of the articles contained in the Tax section of this week’s issue.
- Independent Training and Apprenticeship Program v. California Dept. of Indus. Relations, in which the Court of Appeals held that the California Department of Industrial Relations can require contractors on projects funded by Build America Bonds and tax-exempt municipal bonds to comply with California’s apprenticeship standards, finding no federal preemption.
- Nuveen Mun. High Income Opportunity Fund v. City of Alameda, Cal., in which the Court of Appeals held that an institutional investor that lost money on its purchase of municipal bonds had not shown a triable issue of fact on the issue of loss causation; claim was missing necessary link between the claimed misrepresentations and the economic loss investor suffered.
- Citibank N.A. v. City of Burlington, in which the City of Burlington alleged that Citibank breached an understanding that it would provide additional funding upon request; court discussed enforceability of promises to negotiate in good faith; not enforceable in this instance, but indicated that City possessed a valid promissory estoppel claim.
