Our public finance attorneys have extensive experience with primary and continuing disclosure obligations and other securities law issues applicable to municipal finance.
Much of our work involves providing informed securities law and disclosure counsel advice to our clients, including keeping them abreast of Securities and Exchange Commission (SEC) enforcement actions, regulations, and other developments. We additionally assist clients in the development and implementation of initial and ongoing disclosure procedures that meet the standard articulated in SEC settlements, including due diligence procedures. These procedures include outlining the responsible individuals and particular steps in the disclosure process. We also routinely draft and review initial disclosure documents, and assist clients with interpreting annual disclosure and listed event filing obligations.
As state and municipal issuers increasingly engage disclosure counsel, our disclosure practice at Pacifica has adapted accordingly. We serve as disclosure counsel to a range of state and municipal issuers in the Pacific Northwest, including cities, counties, ports, public utility districts, water-sewer districts, school districts, universities, public facilities districts, public development authorities, other special purpose districts, and state conduit issuers.
Advice Concerning Investor Communication Tools
In addition to advising clients in connection with required initial and continuing disclosure, we also advise clients in using a broad range of investor communications tools including voluntary EMMA filings, investor relations websites, investor presentations, social media, and other communications. One of Pacifica’s partners led the working group tasked with drafting a NABL paper outlining practical considerations in electronic disclosure, published in the Municipal Finance Journal.
Leading Initiatives on Disclosure Issues Affecting Clients and Our Leadership Role in the Bond Community
Pacifica lawyers have been substantively engaged in addressing disclosure issues that affect our clients, including submitting comments to proposed Rule 15c2-12 amendments. We also actively participate in discussions among practitioners and regulators on issue matters such as lessons learned from recent enforcement actions and how these lessons can be applied to reduce potential exposure for municipal issuers.
In addition to having held numerous leadership positions in the NABL, our attorneys also are frequent speakers on securities laws at national conferences on topics such as reviewing recent actions addressing material omissions, control person liability, corrupt payments, conflicts of interest, and other disclosure concerns. We also speak at regional conferences on disclosure, provide securities law compliance training, and deliver focused briefings on particular SEC settlements.