Judge Vacates SEC's Allen Park Fraud Judgments
A federal judge wants more information on bond firms involved in a $31 million borrowing by Allen Park, Mich. that was the target of a recent SEC probe.
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The Securities and Exchange Commission is seeking public comments on the collection of disclosure information under its Rule 15c2-12, but may get proposed revisions to the rule and criticism that its estimated burdens for compliance are unrealistically low, some sources said. more »
On Tuesday morning several Federal Bureau of Investigation agents raided the headquarters of the Puerto Rico Aqueduct and Sewer Authority. more »
Another issuer has disclosed its participation in the Municipalities Continuing Disclosure Cooperation initiative, a move the securities law community agrees is probably not wise. more »
A registered investment advisor who worked with Texas Attorney General-elect Ken Paxton could lose his securities license after a hearing Jan. 27. Paxton was fined and reprimanded for violating state securities laws in directing business to Mowery. more »
The International Municipal Lawyers Association has filed a friend of the court brief asking a federal appeals court to reconsider its decision to disregard a qualified immunity defense for Miami, Fla.'s former budget director, warning that allowing the Securities and Exchange Commission lawsuit against him to go forward would negatively affect municipalities everywhere. more »
Local county officials in Illinois will be offered special financial training on how to protect their coffers from corrupt fiscal practices similar to what happened in Dixon, Ill. where the comptroller stole more than $50 million in public money. more »
Many issuers mulling whether to self-report disclosure violations under a Securities and Exchange Commission initiative will probably weigh their decisions right down to the deadline, and will not see any further guidance from the SEC, a muni law expert told market participants Tuesday. more »
The Financial Industry Regulatory Authority has fined three firms $32,500 and expelled another from FINRA membership for violations of municipal securities rules governing pricing, transaction reporting, record keeping, and supervision. more »
The Allen Park, Mich., case marks the first time a city official has been charged on the theory that he "controlled" the persons who committed the primary securities law violations, even though he isn't alleged to have participated or even known of the conduct at issue. more »
Florida's Palm Beach County School Board will consider a staff recommendation to file under the SEC's MCDC self-reporting disclosure initiative after learning that underwriters have already reported the district under the program. more »
A federal appeals court appears likely to hear oral arguments in the case of three convicted UBS AG bid riggers early next year, according to documents filed with the court this week. more »
An issuer has publicly disclosed its agreement to participate the Municipalities Continuing Disclosure Cooperation initiative, a decision several bond lawyers said could be a major misstep. more »
The municipal market should expect increased attention from the Securities and Exchange Commission's enforcement division, with a focus on pension fund abuses and pay to play violations, the SEC's top cop said Monday. more »

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