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SEC Settles with 22 Underwriting Firms under the Second Round of its MCDC Initiative

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October 5, 2015
Client Alert

On September 30, 2015, in the second round of settlements with underwriters under its Municipalities Continuing Disclosure Cooperation initiative, the Securities and Exchange Commission issued cease-and-desist orders to 22 underwriting firms. The orders are in response to voluntary self-reporting of potential misrepresentations in municipal bond offering documents regarding compliance by issuers with prior continuing disclosure obligations. The MCDC initiative offered underwriters and issuers the opportunity to self-report potential violations during the past five years in exchange for more lenient settlements than would otherwise be available for violations which were not self-reported.

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