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Participation Not Required: SEC Charges Mayor as Control Person in Municipal Bond Offering

In an unprecedented exercise of its authority to charge municipal officials with “control person” liability, the Securities and Exchange Commission (SEC) recently announced fraud charges against the City of Allen Park,...more

11/11/2014 - Enforcement Actions Fraud Joint and Several Liability Materiality Municipal Bonds Municipalities Personal Liability SEC

New Municipal Advisor Supervision Requirements Adopted

Rule G-44, proposed earlier this year by the Municipal Securities Regulation Board (MSRB) and approved by the Securities and Exchange Commission (SEC) this month, requires that municipal advisors develop internal supervisory...more

11/3/2014 - Dodd-Frank MSRB Municipal Advisers New Regulations Regulatory Standards SEC Securities Exchange Act

SEC Modifies MCDC Terms: Extends Issuer Deadline to 12/01/2014, Lowers Penalty Cap for Small Underwriters; Recognizes Pre-EMMA...

The Securities and Exchange Commission has announced modifications to the terms of its Municipalities Continuing Disclosure Cooperation (MCDC) Initiative. In a press release issued late in the afternoon July 31, 2014, the SEC...more

8/1/2014 - Deadlines EMMA MCDC SEC Underwriting

First Issuer MCDC SEC Settlement Announced

On July 8, 2014, the U.S. Securities and Exchange Commission announced that it has entered into a settlement order with Kings Canyon Joint Unified School District (Kings Canyon)—the first settlement with an issuer under the...more

7/11/2014 - Disclosure Requirements Material Violation MCDC SEC Settlement

SEC Municipalities Continuing Disclosure Cooperation Initiative Targets Issuers and Underwriters with a “Prisoner’s Dilemma”

On March 10, 2014, the Enforcement Division of the Securities and Exchange Commission (SEC) announced the Municipalities Continuing Disclosure Cooperation Initiative (MCDC) – an offer for municipal issuers and their...more

4/28/2014 - Disclosure Requirements EMMA Municipal Securities Issuers SEC Underwriting

SEC Fraud Charges Against School District Demonstrate Increased Focus on Disclosure Compliance by Municipal Issuers

On July 29, 2013, the Securities and Exchange Commission announced that it had charged an Indiana school district and its underwriter with securities fraud for falsely stating in a 2007 offering document that the issuer was...more

8/1/2013 - Disclosure Requirements Fraud Municipal Bonds Municipalities Public Schools SEC Section 10 of the Exchange Act Securities Act of 1933 Securities Exchange Act Underwriting

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