September 9, 2016
SEC Settles with 71 State and Municipal Bond Issuers (MCDC Initiative Update)
On August 24, 2016, the Securities and Exchange Commission (the “SEC”) announced that it had entered into settlements with 71 state and municipal bond issuers and conduit borrowers under its Municipalities Continuing Disclosure Cooperation Initiative (“MCDC Initiative”). The MCDC Initiative was intended to encourage underwriters and issuers to self-report instances of materially inaccurate disclosures, or omissions, in final official statements regarding compliance with ongoing disclosure undertakings.
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