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SEC Continuing Disclosure Cooperation Initiative 08/14




 SEC Continuing Disclosure Cooperation Initiative 08/14
School Districts and other LEAs and municipalities are required to provide certain information annually for all municipal bonds they have issued that remain outstanding. Failure to do so can result in significant financial penalties for the issuing agency, the bond underwriter, and individuals employed by those entities.
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School Districts and other LEAs and municipalities are required to provide certain information annually for all municipal bonds they have issued that remain outstanding. Failure to do so can result in significant financial penalties for the issuing agency, the bond underwriter, and individuals employed by those entities. The U.S. Securities and Exchange Commission (SEC) has determined many issuers have not been complying with their obligation to file continuing disclosure documents and that federal securities law violations involving false statements concerning such compliance may be widespread. The SEC has created a limited time window that expires on September 10, 2014 for LEAs who self-report violations. With nearly all School Districts and most LEAS having outstanding bonds, this is a very important topic with a limited time to respond.