SEC Extends MCDC Self-Reporting Deadline for Issuers and Obligated Persons Only and Provides Tiered Financial Penalties for Underwriters

    August 2014

    On July 31, 2014, the Securities and Exchange Commission (SEC) announced changes to the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative that extend the deadline for self-reporting to December 1, 2014 for municipal issuers and obligated persons only. At the same time, the SEC also modified the financial penalties to be assessed to underwriters by providing a tiered scale, based upon the underwriters’ total annual revenue.

    Read the full SEC release and our previous publication on this issue, “SEC’s MCDC Initiative Offers Self-Reporting Program for Continuing Disclosure Misstatements.” If you have any questions or concerns about the SEC announcement, please contact your Squire Patton Boggs lawyer or one of the lawyers on our Public Finance team.