SEC Releases Charges against Municipal Issuers in MCDC Initiative

Wednesday, August 31, 2016

On August 24, 2016, the SEC Office of Municipal Securities issued a press release detailing enforcement actions against 71 municipal issuers and obligated persons for violations in municipal bond offerings from 2011 to 2014, as part of the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative. Continued advocacy and descriptive guidance for voluntary disclosure are hallmarks of GFOA’s best practices, including Understanding Your Continuing Disclosure Responsibilities and Using the Comprehensive Annual Financial Report to Meet SEC Requirements for Periodic Disclosure in addition to alerts issued periodically throughout the MCDC process.

The GFOA Federal Liaison Center is reviewing the enforcement actions and the associated orders, and a member alert is soon to follow.