The Securities and Exchange Commission’s fraud charge and cease-and-desist order against Harrisburg, Pa., have larger implications for secondary market disclosures, legal experts said.

“Market studies indicate that a significant number of municipal securities issuers are noncompliant with at least some of their continuing disclosure obligations,” partner William Rhodes and associate Tesia Stanley wrote in a special commentary for Philadelphia law firm Ballard Spahr LLP. “It is especially imperative that municipalities struggling to remain solvent are current in their continuing disclosure obligations and provide accurate and complete information.”

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