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SEC launches Enforcement Cooperation Initiative for Municipal Issuers and Underwriters.

SEC Press Release

The SEC announced a new cooperation initiative out of its Enforcement Division to encourage municipal issuers and underwriters of securities to self-report certain violations of the federal securities laws rather than wait for the violations to be detected.

“The Enforcement Division is committed to using innovative methods to uncover securities law violations and improve transparency in the municipal markets,” said Andrew J. Ceresney, director of the SEC Enforcement Division. “We encourage eligible parties to take advantage of the favorable terms we are offering under this initiative. Those who do not self-report and instead decide to take their chances can expect to face increased sanctions for violations.” The initiative will allow the Enforcement division to recommend standardized, favorable settlement terms to municipal issuers and underwriters who self-report that they have made inaccurate statements in bond offerings about their prior compliance with continuing disclosure obligations. For full access to the SEC press release, please click here.

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