BNY Mellon: Solutions for Public and
Not-for-Profit Clients

April 2015

A regulation currently getting a tremendous amount of attention in the tax exempt market space is SEC Rule 15c2-12. The SEC announced the Municipalities Continuing Disclosure Cooperation Initiative which provides Issuers and Underwriters the opportunity to self-report any required missed filings that may have occurred in the past. While the burdens that the SEC’s rule places on issuers and underwriters can be substantial, greater transparency may improve the market’s ability to appropriately price and trade municipal bonds.

Listen to our experts share BNY Mellon’s insight and capabilities that help support public and not-for-profit clients as they navigate the evolving regulations.

 

This video relates to products and services offered in the U.S. and is intended for public and not-for-profit clients based in the U.S.  Not all products and services are offered at all locations.

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The material contained in this video is not intended for distribution outside of the U.S.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates, and joint ventures of The Bank of New York Mellon Corporation where authorized and regulated as required within each jurisdiction.  Not all products and services are offered at all locations.

The Bank of New York Mellon, The Bank of New York Mellon Trust Company, N.A. and their affiliates may lend and provide other products and services to securities issuers and others, and provide and receive related fees and compensation related thereto.

The content contained in this material, which may be considered advertising, is for general information and reference purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter, and is not to be used as such. The contents may not be comprehensive or up-to-date, and BNY Mellon will not be responsible for updating any information contained within this material. This material and the statements contained herein, are not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such. This material is not intended for distribution to, or use by, any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation. Similarly, this material may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements. Persons into whose possession this material comes are required to inform themselves about, and to observe any restrictions that apply to, the distribution of this document in their jurisdiction.

Some information contained herein has been obtained from third party sources and has not been independently verified. BNY Mellon recommends that professional consultation should be obtained before using any service offered by BNY Mellon.

BNY Mellon assumes no liability whatsoever for any action taken in reliance on the information contained in this material, or for direct or indirect damages resulting from use of this material, its content, or services. Any unauthorized use of material contained herein is at the user’s own risk. Reproduction, distribution, republication and retransmission of material contained herein is prohibited without the prior consent of BNY Mellon.

BNY Mellon Capital Markets, LLC (“Capital Markets”) is a full service registered broker-dealer and an indirect wholly owned non-bank subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”). BNY Mellon and its affiliates lend and provide other products and services to issuers and others, and provide and receive related fees and compensation. Capital Markets is a member of FINRA and SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org. SIPC does not protect against loss due to market fluctuation. SIPC protection is not the same as, and should not be confused with, FDIC insurance.

This presentation is for reference purposes only and not intended to be a recommendation with respect to, or solicitation or offer to buy or sell any particular financial instrument, including but not limited to BNY Mellon stock, or to participate in any particular trading strategy in any jurisdiction in which such an offer or solicitation, or trading strategy would be illegal, and is not tax, legal, investment or accounting advice. Capital Markets does not make representations as to the actual value to be received in connection with a transaction. Although information is from sources believed reliable, there is no undertaking as to accuracy and opinions and information contained herein are subject to change without notice. Difficulties in the mortgage and broader credit markets have led to a substantial decrease in the availability of credit. The extent and duration of any future continued weakening of U.S. and global credit and financial markets, higher costs of borrowing, and disruptions in debt and equity markets potentially make it more difficult to liquidate an investment, or determine the impact, if any, on the performance and prospects of particular issuers or securities. An issuer should not enter into any transactions unless it has fully understood all risks and that not all investments will be suitable, and has independently determined that such transactions are appropriate, for the issuer. Prices may fluctuate and it is possible that such fluctuations may be substantial in response to many factors including, without limitation, general market and market sector conditions, U.S. and global, in addition to company specific conditions. Past performance is not a guide to future performance of any instrument, transaction or financial structure, and a loss of original capital may occur.

Not Acting as Municipal Advisor, Financial Advisor or Fiduciary.  Capital Markets is providing the information contained in this document for discussion purposes only in anticipation of serving as an Underwriter, Broker-Dealer, CP Dealer or Remarketing Agent to the addressee and is not recommending any action to the addressee.  The primary role of Capital Markets, as Underwriter, is to sell and purchase securities, as applicable, to and from investors, in arm's length commercial transactions; Capital Markets has financial and other interests that differ from those of the addressee.  As such, Capital Markets is not acting as a municipal advisor, financial advisor or fiduciary to the addressee or any other person or entity.  The information provided is not intended to be and should not be construed as "advice" within the meaning of Section 15B of the Securities Exchange Act of 1934.  The addressee should consult with its own financial and/or municipal, legal accounting, tax and other advisors, as applicable, to the extent it deems appropriate.  If the addressee would like a municipal advisor in this transaction that has legal fiduciary duties to the addressee, then the addressee is free to engage a municipal advisor to serve in that capacity.

Fixed Income Securities. Fixed income investments, including municipal bonds, are subject to various risks including changes in interest rates, call features, credit quality, possible default, difficulty in market valuations, liquidity, prepayments, early redemption, tax ramifications, inflation and other factors.  Investment Banking and Public Finance. The Company should discuss any financial instrument offering, engagement, or relationship with its own counsel and financial advisors. Capital Markets does not provide tax, legal, or accounting advice, and any information provided by Capital Markets does not include the legal, tax or accounting effects of consummating any transaction.  No Tax, Legal or Accounting Advice. Capital Markets does not provide tax, legal, or accounting advice. You should independently and carefully consider whether any information or investment instruments are suitable for your particular investment objectives and financial position and, if you believe it appropriate, seek professional advice, including tax, legal and accounting advice.  Past Performance is not Indicative of nor a Guarantee of Future Performance and a Loss of Original Capital may Occur. You should not enter into any transactions unless you have fully understood all risks, that not all investments will be suitable, and you have independently determined that such transactions are appropriate, for you. Investing in securities involves risk, including loss of the principal amount invested. Additional information is provided on FINRA's Web site at http://www.finra.org/Investors/ProtectYourself/index.htm.

BNY Mellon Global Markets includes the Foreign Exchange and Derivatives businesses of The Bank of New York Mellon together with the securities business of BNY Mellon Capital Markets1. Pursuant to Title VII of The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the applicable rules thereunder, The Bank of New York Mellon is provisionally registered as a swap dealer with the Commodity Futures Trading Commission (“CFTC”) and is a swap dealer member of the National Futures Association (NFA ID 0420990). These businesses provide products for corporate, institutional and high-net-worth investors to access liquidity, execute investment and hedging requirements as well as manage risk. With foreign exchange locations in ten cities across three continents, BNY Mellon Global Markets has access to more than 80 currency markets.  The BNY Mellon Global Markets award-winning team2 of market strategists offers topical commentary and daily analysis of economic and market conditions. BNY Mellon Global Markets’ derivatives business offers hedging products based in the interest rate and currency markets. BNY Mellon Capital Markets underwrites and transacts in a broad range of debt and equity securities.

“BNY Mellon” is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the corporation as a whole or its various subsidiaries.  Products and services may be provided under various brand names, including BNY Mellon Asset Servicing and BNY Mellon Asset Management.  BNY Mellon Asset Servicing is the brand name encompassing BNY Mellon’s affiliated companies that may provide some of the services referenced in this presentation.  BNY Mellon Asset Management is the brand name encompassing BNY Mellon’s affiliated investment management firms and global distribution companies.  Products and services may be provided by various subsidiaries, affiliates, joint ventures and in some instances by third party providers of The Bank of New York Mellon Corporation where authorized and regulated as required within each jurisdiction, and may include The Bank of New York Mellon, One Wall Street, New York, New York 10286, a banking corporation organized and existing pursuant to the laws of the State of New York and operating in England through its branch at One Canada Square, London E14 5AL, England. Registered in England and Wales with FC005522 and BR000818. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the Federal Reserve and authorized by the UK Prudential Regulation Authority.  The Bank of New York Mellon London branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority.  Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Not all products and services are offered at all locations.

The material contained herein is for general information and reference purposes only. It is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter, and is not to be used as such.  You should, if you believe it appropriate, seek professional advice, including tax, legal, financial, and/or accounting advice.  This material and the statements contained herein, are not an offer or solicitation to buy or sell any products (including financial products) or services mentioned and should not be construed as such. This material is not intended for distribution to, or use by, any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation. Similarly, this material may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements. Persons accessing this material are required to inform themselves about and to observe any restrictions that apply to the distribution of this presentation in their jurisdiction.  The investment products and services mentioned in this presentation are not insured by the FDIC (or any other state or federal agency), are not deposits of or guaranteed by any bank, and are subject to investment risk, including the loss of principal amount invested.

Currency Administration is provided under and subject to the terms of a definitive agreement between BNY Mellon and the client. BNY Mellon exercises no investment discretion thereunder, but acts solely pursuant to the instructions in such agreement or otherwise provided by the customer. Unless provided by definitive agreement, BNY Mellon is not an agent or fiduciary thereunder, and acts solely as principal in connection with related foreign exchange transactions.

iFlow® is a registered trademark of The Bank of New York Mellon Corporation under the laws of the United States of America and other countries.

The products and services described herein may contain or include certain “forecast” statements that may reflect possible future events based on current expectations.  Forecast statements are neither historical facts nor assurances of future performance.  Forecast statements typically include, and are not limited to, words such as “anticipate”, “believe”, “estimate”, “expect”, “future”, “intend”, “likely”, “may”, “plan”, “project”, “should”, “will”, or other similar terminology and should NOT be relied upon as accurate indications of future performance or events.  Because forecast statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. 

No representations or warranties are made, and BNY Mellon assumes no liability, as to the suitability of any products and services described herein for any particular purpose or the accuracy or completeness of any information contained in this document.

The Bank of New York Mellon, and its broker-dealer affiliates, may have long or short positions in any currency, derivative or instrument discussed herein.  The Bank of New York Mellon has included data in this document from information generally available to the public from sources believed to be reliable. Any price or other data used for illustrative purposes may not reflect actual current conditions. No representations or warranties are made, and The Bank of New York Mellon assumes no liability, as to the accuracy or completeness of any data. Price and other data are subject to change at any time without notice.

The Bank of New York Mellon, member FDIC.

1 The following are registered broker-dealer, wholly-owned subsidiaries of The Bank of New York Mellon Corporation: BNY Mellon Capital Markets, LLC, member FINRA/SIPC; BNY Mellon Capital Markets EMEA Limited is authorized and regulated by the Financial Conduct Authority UK under registration number 580200.

2 Source for The Bank of New York Mellon Global Markets Award Winning Research: Global Finance Magazine, World's Best Foreign Exchange Providers 2014, January 2014

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Securities Products: Not FDIC-Insured—Subject to Loss in Value—Not a Deposit of or Guaranteed by a Bank or any Bank Affiliate

©2014 The Bank of New York Mellon Corporation. All rights reserved.

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