Client Alert
On June 18, 2015, the Securities and Exchange Commission issued cease-and-desist orders to 36 underwriting firms in response to voluntary self-reporting of misrepresentations in municipal bond offering documents regarding compliance with prior disclosure obligations under its Municipalities Continuing Disclosure Cooperation initiative. These actions are the first settlements with underwriters under MCDC, following the SEC’s first cease-and-desist order brought against a municipal issuer on July 8, 2014. Our Client Alert on the MCDC initiative can be found here.