Updates
August 25, 2014

On July 31, 2014, the United States Securities and Exchange Commission (SEC) announced a deadline extension for issuers of publicly offered tax-exempt securities within the past five years to self-report possible violations of federal securities laws that may have resulted from misstatements about prior compliance with certain continuing disclosure obligations. The new deadline is 5:00 p.m. Eastern Time on December 1, 2014.  For underwriters’ entities, the deadline remains September 10, 2014.

The Municipalities Continuing Disclosure Cooperation (MCDC) Initiative – announced in March 2014 – is meant to encourage issuers and their underwriters to self-report possible violations of federal securities laws that may have resulted from misstatements about prior compliance with certain continuing disclosure obligations that were entered into pursuant to Rule 15c2-12 under the Securities Exchange Act of 1934.

For more information or to download the full alert, click here.