SEC enforcement

It could signal the issuer did not get the best price during a negotiated deal, officials said.

"I don't think this topic is necessarily gaining traction as an enforcement matter," said Andrew Kintzinger, counsel at Hunton Andrews Kurth LLP.

It's the first time the regulator has named VRDO rate-resetting process as an area of review.

The final judgment in the case was filed Dec. 10 in the U.S. District Court for the Southern District of New York.

Fippinger teamed up with co-authors Peg Henry and Ernesto Lanza for "The Securities Law of Public Finance (Fourth Edition)."

The decline in muni enforcement actions is part of a broader trend at the SEC.

"It shows the chairman's understanding of the practical realities of firms...," Peter Chan, a partner at Baker McKenzie said.

"Going forward, the staff will provide the other side with at least four weeks to make Wells submissions," SEC Chairman Paul Atkins said in a recent speech.

"It is a big problem across the board with all types of deal participants perhaps venturing into unregistered MA activity," said Susan Gaffney.

Stradling clients "were fortunate to receive proactive contact from SEC staff to reschedule imminent matters leading up to the shutdown," said Kathleen Marcus, a partner at Stradling.

"If the open jacket policy is actually implemented—which we in the defense bar hope is the case—it would be a welcome reform," one attorney said.

An SEC investigation "is not a litigation," said Kathleen Marcus, a partner at Stradling Yocca Carlson & Rauth.

Sanchez cited affordable housing and "project-based" types of transactions as areas "where we are seeing … lawyers more openly engaging in structuring that might be problematic." 

Ryan's selection may indicate an SEC aiming to resolve more violations by other means than enforcement actions, one lawyer said.

Attorneys with expertise in municipal disclosure say issuers who land on the list of "sanctuary" jurisdictions need to at minimum do an analysis of how it may impact their obligations.

The SEC charged two entities with violating federal securities laws by advising clients on municipal bonds without properly registering as municipal advisors.

Randy Miller, 70, and Chad Miller, 41, entered guilty pleas Wednesday in the Legacy Cares securities fraud case and will be sentenced at a later date.

The SEC told the court it is leaving for later to settle financial terms with Jeffrey DeLaveaga.

"Settlor's remorse" is no justification for upsetting a settled order, SEC says.

It is sadly not possible to prevent 100% fraud scenarios from occurring; however, reassessing your firm's processes for identifying red flags may be a good place to start.