Posts tagged Municipal Continuing Disclosure Cooperation Initiative.
Responding to industry complaints, the SEC's Enforcement Division modified its Municipal Continuing-Disclosure Cooperation ("MCDC") Initiative to (a) extend the deadline for issuer disclosures until December 1 (from September 1) and (b) implement a tiered set of caps on fines, more proportional to underwriters' revenues. Announced last March, the Initiative offers standardized terms for settlement of administrative proceedings for those municipal-securities-market participants who admit their participation in securities offerings having mis-stated a public ...
Posted in: SEC
Tags: MCDC, Municipal Continuing Disclosure Cooperation Initiative, Municipal-Securities Enforcement Initiative, SEC, SEC Enforcement Division, Securities Exchange Commission
The SEC announced July 8 its first settled administrative proceeding against a municipal issuer under its Municipal Continuing Disclosure Cooperation ("MCDC") Initiative. In its Order, the SEC charged Kings Canyon Joint Unified School District with violating '33 Act § 17(a)(2) by making an untrue statement of material fact in a 2010 bond offering that the District had complied with prior continuing-financial-disclosure obligations (required by Rule 15c2-12) undertaken in other bond offerings sold in 2006 and 2007. The District certified it had complied with those ...
Posted in: SEC