Posts tagged Municipal Continuing Disclosure Cooperation.
On August 24, the SEC announced settled administrative actions against 71 state and local issuers arising from $3.7 trillion in municipal securities offerings. The Commission alleged the issuers made false statements claiming they had complied with their continuing disclosure obligations under prior debt issues from 2011-2014. Each settled action imposed a cease-and-desist order and compliance undertakings.
The settlements appear to be the last leg of the Commission's Municipal Continuing Disclosure Cooperation ("MCDC") initiative, under which the SEC offered ...
Posted in: Municipal Continuing Disclosure Cooperation, SEC
Tags: burr and forman, burr forman, MCDC, Municipal Continuing Disclosure Cooperation, municipal issuers, SEC, securities litigation, Securities Litigation & Arbitration
On September 30, the SEC issued its second round of mass settled actions over municipal securities disclosure issues, as part of its Municipal Continuing Disclosure Cooperation ("MCDC") Initiative. In this round, 22 municipal underwriters will undertake remedial measures and pay fines (ranging from $20,000 to $500,000 and totaling $4.12 million) for disclosure violations. Announced in March of 2014, the MCDC Initiative offered structured settlements for municipal underwriters and issuers who voluntarily "came in from the cold" to self-report failures of new bond ...
Posted in: SEC
Tags: burr forman, disclosure, mass settled actions, MCDC, Municipal Continuing Disclosure Cooperation, Municipal Disclosure Settlements, SEC, Securities and Exchange Commission, securities litigation, Securities Litigation & Arbitration