News & Analysis as of

Enforcement Actions MCDC

Fenwick & West LLP

SEC Sees Fewer Filed Cases in 2017, But Signals Aggressive Enforcement Ahead in Financial Reporting, Cybersecurity and Other Key...

Fenwick & West LLP on

After a record-breaking fiscal year 2016, the Securities and Exchange Commission’s Enforcement Division had a somewhat quieter year, at least in terms of the number of actions filed. The Enforcement Division released its...more

Orrick, Herrington & Sutcliffe LLP

SEC Continues Public Finance Enforcement Agenda Two Recent Cases Filed

Just in the last weeks of August, the Public Finance Abuse Unit of the Enforcement Division of the Securities and Exchange Commission (SEC) announced settlements of securities fraud actions involving a city, an underwriter, a...more

Best Best & Krieger LLP

SEC Settles With Muni Bond Issuer

A settlement announced this week by the SEC serves as a reminder that the Commission is in the process of reviewing the Municipalities Continuing Disclosure Cooperation participants, and that it will continue to pursue...more

Burr & Forman

SEC Sanctions 71 Municipal Issuers for Misstatements

Burr & Forman on

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...more

McNees Wallace & Nurick LLC

SEC Announces Enforcement Actions Against 71 Municipal Issuers

The Securities and Exchange Commission (SEC) recently announced enforcement actions against 71 municipal issuers of bonds in connection with the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative. The...more

Bracewell LLP

SEC Announces 71 Issuer MCDC Settlements

Bracewell LLP on

On August 24, 2016, the SEC announced that it had entered into settlement orders with 71 municipal issuers and other obligated persons for violations of federal securities laws in municipal bond offerings. The issuers and...more

Akin Gump Strauss Hauer & Feld LLP

SEC Announces Enforcement Actions Under its Muni Bond Disclosure Initiative

Last week, the Securities and Exchange Commission (SEC) announced that it brought enforcement actions against 71 municipal issuers and other obligated persons as part of the SEC’s Municipalities Continuing Disclosure...more

Cozen O'Connor

SEC Charges 71 Issuers under its Municipalities Continuing Disclosure Cooperation Initiative

Cozen O'Connor on

On August 24, 2016, the Securities and Exchange Commission (SEC) announced enforcement actions against 71 municipal issuers and other obligated persons (collectively, the municipal issuers) under the SEC’s Municipalities...more

King & Spalding

The SEC’s Customer Protection Rule Initiative and Whistleblower Protection Efforts – What Broker-Dealers Need to Know

King & Spalding on

On June 23, 2016, the SEC instituted a settled enforcement action against Merrill Lynch, Pierce, Fenner & Smith Inc. and Merrill Lynch Professional Clearing Corp. (collectively, “Merrill”), in which Merrill agreed to pay $415...more

Dechert LLP

SEC Announces Further Enforcement Actions in the Municipalities Continuing Disclosure Cooperation Initiative

Dechert LLP on

The U.S. Securities and Exchange Commission (SEC or Commission) announced enforcement actions against 22 municipal underwriters on September 30, 2015, as part of its Municipalities Continuing Disclosure Cooperation Initiative...more

Butler Snow LLP

Second Wave of MCDC Hits Underwriters ….No Smooth Sailing Ahead!

Butler Snow LLP on

On September 30 the Securities and Exchange Commission (“SEC”) announced another round of enforcement actions against 22 municipal underwriting firms for disclosure violations in connection with municipal bond offerings. The...more

Eversheds Sutherland (US) LLP

SEC Announces Second Round of Charges Against Underwriters Under MCDC Initiative

On September 30, the Securities and Exchange Commission (SEC) announced enforcement actions against 22 municipal bond underwriters, the second round of enforcement actions brought by the SEC under the Municipalities...more

Ballard Spahr LLP

SEC Announces Second Wave of MCDC Enforcement Actions

Ballard Spahr LLP on

The Securities and Exchange Commission (SEC) this week announced enforcement actions under its Municipalities Continuing Disclosure Cooperation (MCDC) Initiative, targeting 22 municipal bond underwriting firms for alleged due...more

Cozen O'Connor

One Size Does Not Fit All: Written Disclosure Policies in a Time of Increased SEC Enforcement

Cozen O'Connor on

The U.S. Securities and Exchange Commission (SEC) continues to increase its enforcement efforts in the municipal bond market by focusing on the sufficiency and timeliness of disclosure in initial municipal securities...more

Eversheds Sutherland (US) LLP

SEC Announces First Charges Against Underwriters under MCDC Initiative

On June 18, the U.S. Securities and Exchange Commission (SEC) announced enforcement actions against 36 municipal bond underwriters, the first enforcement actions against underwriters brought by the SEC under the...more

Burr & Forman

SEC Modifies Municipal-Securities Enforcement Initiative

Burr & Forman on

Responding to industry complaints, the SEC’s Enforcement Division modified its Municipal Continuing-Disclosure Cooperation (“MCDC”) Initiative to (a) extend the deadline for issuer disclosures until December 1 (from September...more

Troutman Pepper

Extended SEC MCDC Initiative Deadline Does Little to Lessen Urgency

Troutman Pepper on

The Securities and Exchange Commission (SEC) has recently modified its Enforcement Division’s Municipalities Continuing Disclosure Cooperation (MCDC) Initiative in order to encourage as much participation in the program as...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

Bank of England Publishes Statement on Enforcement Action Against Lloyds Bank PLC and Bank of Scotland PLC - On July 28, the Bank of England published a statement on Financial Conduct Authority enforcement action...more

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