波多黎各市政债券标签档案 - 投资者律师博客

桑坦德证券将支付64bob200体育0万美元，以支付波多黎各Muni债券和封闭式基金销售

发表在：2015年10月13日 | byShepherd Smith Edwards & Kantas, LLP

The Financial Industry Regulatory Authority (FINRA) says that it is ordering Santander Securities LLC (Santander) to pay $6.4M for supervisory failures involving the sale of Puerto Rico Municipal Bonds and Puerto Rico closed-end funds. Of the payment to FINRA, $2 million is a fine and censure and over $4.3 million is customer restitution.

The restitution will go toward certain customers who were solicited to buy the municipal bonds. Santander will pay $121,000 and make rescission offers to repurchase the securities from certain customers that were affected by the firm’s purported failure to supervise employees while they were trading.

FINRA said that between December 2012 and October 2013, Santander failed to make sure that its proprietary product risk-classification tool accurately reflected the risks of investing in Puerto Rico bonds. The regulator contends that the systems and procedures that were in place at Santander did not mandate an evaluation or review of this tool, which is what its representatives used when recommending financial products to customers.

For example, said FINRA, when “significant market events” occurred, such as when credit rating agency Moody’s downgraded a number of Puerto Rico bonds-including Puerto Rico General Obligation bonds-to a level just above junk, Santander did not re-examine the tool’s risk classifications for the bonds. Instead, one day after the credit rating agency issued its ratings downgrade, the firm stopped buying the municipal bonds that its customers in Puerto Rico wanted to sell and ramped up its efforts to lower the firm’s own Puerto Rico municipal bond inventory.
Continue Reading ›

Puerto Rico’s Debt Gets Downgraded to “B” by Fitch Ratings

发表在：2015年3月28日 | byShepherd Smith Edwards & Kantas, LLP

Credit rating agency Fitch Ratings (“Fitch”) has downgraded the general obligation and related debt of Puerto Rico to “B”, rating it even further into junk territory and three notches under investment grade, because of worries about the U.S. territory’s ability to go through with planned financing. As a result of the downgrade of the general obligation debt, the Puerto Rico Aqueduct and Sewer Authority senior lien revenue bonds were also downgraded.

The ratings reduction is related to a new law in the Commonwealth. The law is supposed to help overhaul public debt by letting certain government agencies with a reported $19.4 billion in outstanding bonds restructure their debt. Fitch is worried that because of the way the restructuring is delineated in the law, this could result in debt payment suspensions while “precluding timely payments” of principal plus interest until proceedings are finalized.

惠誉还降低了波多黎各的营业税实体Cofina，养老金融资债券和公共建筑管理局政府设施的税收债券的评级。信用评级机构指出的是经济标志，例如劳动力同比同比下降，每年在政府发展银行的每月经济活动指数中下降，这是新降级的原因。最近，标准普尔还将波多黎各的一般义务债务降低到垃圾债券状态 - BB，该债券的投资等级低于投资等级。

瑞银提名Bluemountain对冲基金的高管，该基金向波多黎各法律挑战债务重组的董事会

发表在：December 17, 2014 | byShepherd Smith Edwards & Kantas, LLP

瑞银（UBS）（瑞银）表示，它打算在5月份提名Bluemountain Capital Management Execionse Jes Staley。Staley以前曾担任JPMorgan Chase & Co. (JPM)行政人员。

In a statement, UBS Chairman Axel Weber said that Staley is perfect for the role due to his professional expertise from working in global banking leadership roles for three decades. However, that may not be the only reason.

今年早些时候，BlueMountain是一家纽约的对冲基金，加入了一项法律挑战，该法律将使波多黎各代理商的某些联邦政府重组其巨额债务。瑞银波多黎各（UBS-PR）是一家银行之一，被指控不适当地将客户的资金置于封闭式资金中波多黎各市政债券.