Posts tagged municipal issuers.
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
State or local government entities, special tax districts, hospital districts and other municipal bond issuers face a December 1 deadline to respond to the SEC Enforcement Division's "Municipalities Continuing Disclosure Cooperation Initiative." The MCDC Initiative is part of regulatory and enforcement emphasis on the municipal-securities world resulting from Dodd-Frank. Municipal issuers are supposed to make continuing-disclosure filings of events affecting their outstanding bond issues (financial statements, ratings changes, tax shortfalls, etc.) like SEC ...
Posted in: Third Circuit Court
Tags: December 1, MCDC, MCDC Self-Reporting, municipal bond issuers, municipal issuers, Municipalities Continuing Disclosure Cooperation Initiative