Public Finance Counsel Discusses SEC Probe


This article, about the Securities and Exchange Commission investigating whether underwriters are fulfilling their obligations in determining if issuers are complying with their continuing disclosure requirements, quotes public finance senior counsel Bob Feyer.

"What we're seeing is a great deal more attention to [disclosure compliance]," said Feyer. He added that firms are now either bringing in outside firms to do the necessary research or assigning an in-house teams to tackle it. On some occasions underwriters have insisted an issuer take some remedial action before underwriting the securities, such as hiring compliance reporting company DAC Bond.

Feyer said the more intense scrutiny has shown that compliance problems at issuers are widespread. "Many issuers, including some very sophisticated ones, have made some mistakes," he said.‚Äč