Municipal Advisor Alert
The SEC’s MCDC initiative is causing many Municipal Issuers and Underwriters to change the way they do things. Underwriters are scrutinizing Issuer disclosures, and the representations made about those disclosures, for accuracy and clarity. 71 Issuers have entered into Cease and Desist Orders with the SEC and must update past delinquent disclosure filings and improve their processes to ensure timely and complete disclosure going forward. These realities, and the introduction of MSRB Rule G-42, provide Municipal Advisors with an opportunity to support their Issuer clients in meeting these requirements and the demands of the market.