Tax Alert: ORRICK GREEN BOOK SERIES ON POST-ISSUANCE COMPLIANCE AND CONTINUING DISCLOSURE

February 16, 2022

Orrick recently published the second edition of its Post-Issuance Tax Compliance and Continuing Disclosure Responsibilities book (the “Publication”). The Publication is part of Orrick’s Public Finance Green Book Series – Guides to the Municipal Markets and was authored by Ed Oswald, Alison J. Radecki and Aviva Roth from Orrick and Alan Bond from BLX.

Post-issuance tax compliance and continuing disclosure are important to both issuers and borrowers of tax-exempt bonds to ensure that their bonds remain tax-exempt and that they remain in compliance with the covenants under their bond documentation. The Publication summarizes the tax compliance requirements, including arbitrage rebate and yield restriction, private business use, and IRS Schedule K (for nonprofit organizations), and secondary market disclosure requirements applicable to tax-exempt debt. Active monitoring of post-issuance compliance requirements and implementing robust programs are essential from a risk management perspective and help prepare issuers and borrowers of tax-exempt debt market for potential IRS and SEC oversight in this area.

To access the Publication, please visit our website here.

Orrick’s Green Book Series includes numerous other publications on tax-exempt bonds and a wide variety of topics and can be found on Orrick’s website: orrick.com/en/Generic-Articles/Public-Finance-Green-Book-Series.

For additional information on the Post-Issuance Compliance and Continuing Disclosure services that BLX offers, please contact your BLX representative.

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