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MCDC Self-Reporting for Municipal Issuers Face Dec. 1 Deadline

Publisher: JD Supra Business Advisor
Author: Thomas Potter, III

State or local govt. entities and municipal bond issuers face a Dec 1st deadline to respond to the SEC Enforcement division’s “Municipalities Continuing Disclosure Cooperation Initiative.”

The initiative is part of an increased regulatory and enforcement emphasis on the public finance market resulting from the passing of Dodd-Frank. Municipal Issuers are required to make continuing-disclosure filings of events affecting their outstanding bond issues (financial statements, ratings changes, tax shortfalls, etc.) similar to how SEC reporting companies file disclosure on their securities. The SEC enforcement division is on a mission to bring fraud and non-disclosure actions against those municipal issuers who falsely certified their prior disclosure compliance in subsequent bond issues.

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