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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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