MCDC Initiative impacts local government bond issuers

By Ty E. Carlos
Executive Director, Louisiana Communtiy Development Authority

If you have issued bond in the past 10 years, it is important you know that the Division of Enforcement ("Division") of the Securities and Exchange Commission ("SEC") has announced its Municipalities Continuing Disclosure Cooperation Initiative ("MCDC Initiative") to address violations with representations regarding continuing disclosure in the bond offering documents. The MCDC Initiative states that issuers and underwriters should self report possible violations involving materially inaccurate statements relating to prior compliance with Continuing Disclosure Rule 15c2-12 by September 10, 2014, in order to receive favorable settlement terms for such misstatements or omissions.

Continue reading this article on page 9 of the Louisiana Municipal Review