SEC enforcement

Baker McKenzie created a new group to integrate regulation and enforcement in a move to align with the Securities and Exchange Commission's practices.

The proposed settlement, filed in federal district court in New York late last week, would bring to a close the SEC’s case against Navnoor Kang, Deborah Kelley and Gregg Schonhorn.

In the SEC inquiry, along with a separate FAA investigation, regulators are trying to determine if airport revenues were misspent.

Municipal market participants got some comfort about their fraud liability if they act in good faith on interim financial disclosures.

The Securities and Exchange Commission issued a non-public letter to the city of Atlanta last week, prompting a possible investigation into its airport.

Ernesto Lanza will be leaving his position at Clark Hill to go to the SEC's Office of Municipal Securities, sources said.

Montebello Unified School District allegedly defrauded investors in the sale of $100 million in general obligation bonds.

At a bond lawyer conference, lawyers said they've seen increased interest in self-reporting.

“Reporting unauthorized transactions is certainly a good first step in building cooperation,” said one lawyer. “But there could be a lot more to it.”

The MSRB wants to work with other regulatory groups to decrease confusion surrounding suitability rules in conjunction with the SEC's new Regulation Best Interest.