NABL

As bond lawyers meeting in Phoenix discussed current topics in securities law and enforcement on Thursday, one theme that emerged was the importance of a smart response to SEC inquiries.

Maynard Cooper & Gale hires six from Balch & Bingham.

NABL details at least seven alternatives for outstanding bonds as well as five ways that new bond transactions can be structured.

Regulators will focus on helping dealers and municipal advisors comply with recently adopted rules and will also monitor how tax reform legislation impacts muni market practices.

Bank loan documents often have corporate tax gross-up provisions.

Muni issuers want six months to a year on transition relief for advance refundings, which the tax bills would terminate after Dec. 31.

Even though tax bills would have a PAYGO problem, Republicans may have the upper hand.

Advance refundings were 27% of market last year, PABs were 19% and most were 501(c)(3)s.

Market participants think the SEC will narrow its proposal to add event notices under Rule 15c2-12.

Uncertainly remains over whether any changes will have a lasting impact, according to Jessica Giroux.