Client Alert
In 2013, the Securities and Exchange Commission brought a number of enforcement actions in the municipal market that not only reinforced the agency’s commitment to regulating the municipal market, but also brought about a number of firsts for the SEC’s municipal securities enforcement program. The enforcement actions described here demonstrate that the sufficiency and accuracy of disclosure in the municipal market is more important than ever and provide many important lessons for all issuers and obligated persons in municipal bond transactions.