The U.S. Securities and Exchange Commission (the “Commission”) is continuing to scrutinize municipal bond offerings and bring enforcement actions aimed at improving underwriter due diligence and increasing information to investors. On September 30, 2015, the Commission announced a second round of enforcement actions under the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative, securing settlements against 22 underwriting firms. While this second round of settlements again involves firms that self-reported violations, this series of actions targeted generally smaller firms and less egregious violations than the initial sweep of settlements in July 2015.

To read the full alert, click here.