Mintz - Securities & Capital Markets Viewpoints (JD Supra Puerto Rico)
2 results for Mintz - Securities & Capital Markets Viewpoints (JD Supra Puerto Rico)
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Three Observations From the SEC’s Settlements with Thirteen Municipal Dealers Over Below-Denomination Sales of Puerto Rico Bonds
On November 3, 2014, the SEC announced settlements with thirteen different registered municipal securities dealers in connection with sales of non-investment grade bonds issued by Puerto Rico in 2014. The settlements were based on alleged violations of Section 15B(c)(1) of the Exchange Act, which prohibits a broker, dealer, or municipal securities dealer from inducing or attempting to...
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Puerto Rico Bonds: Legislation and Litigation
For municipal bond investors and insurers, recent events in Puerto Rico have become a major concern. Puerto Rico has tried to address its mounting debt crisis by enacting legislation that would create, in effect, a quasi-bankruptcy court to provide restructuring relief for certain public corporations that have issued revenue bonds, including the Puerto Rico Electric Power Authority, the Puerto...