On July 18, 2016, the Treasury Department published final regulations on non-issue price arbitrage restrictions (the “Final Regulations”) in the Federal Register. The Final Regulations finalize regulations proposed in 2007 and 2013 (collectively, the “Proposed Regulations”). Click here for a copy of the Final Regulations, and read below for a high-level summary of them. We will in subsequent posts be publishing more detailed analysis of specific provisions in the Final Regulations.
As discussed in a prior post, the Final Regulations apply to bonds sold on or after October 17, 2016 (the “Effective Date”). References in this blog post to “Prior Regulations” are references to the Treasury Regulations in effect prior to the Effective Date of the Final Regulations.
The Final Regulations make changes to a number of rules scattered throughout the arbitrage regulations. Below, we take them in order, progressing through the Treasury Regulations. To facilitate your review, at the end of the blog is a comparison table showing certain provisions of the Final Regulations next to the parallel provisions in the Prior Regulations.
by Joel Swearingen
July 22, 2016
The Public Finance Tax Blog
Squire Patton Boggs