The Bond Buyer
Securities litigation and regulatory enforcement partner Elaine Greenberg discussed some of the issues raised by the SEC’s Municipalities Continuing Disclosure Cooperation Initiative (MCDC) at a recent California Debt and Investment Advisory Commission webinar that was covered by The Bond Buyer.
Ms. Greenberg noted that the focus of the initiative, which offers amnesty to issuers and underwriters of municipal bonds that voluntarily disclose potential disclosure filing missteps, would be to look at material misstatements contained in official statements. Now, she said, is "a good time to look back and see if you have been meeting your disclosure obligations and whether you should consider correcting [your disclosure methods], even if the SEC would not have an issue against you because you haven't been issuing bonds over the past five years."
Ms. Greenberg was formerly head of the SEC Enforcement Division’s Municipal Securities and Public Pensions Unit.