Magazine article Government Finance Review

Expanding Municipal Securities Enforcement

Magazine article Government Finance Review

Expanding Municipal Securities Enforcement

Article excerpt

Since 2013, federal scrutiny of municipal bonds has dramatically accelerated. Fines and other sanctions are now being imposed by the SEC against a wide swathe of local governments and officials. City and county officials now have unavoidable responsibility to read and stand behind bond disclosures.

Expanding Municipal Securities Enforcement: Profound Changes for Issuers & Officials, a new book by Robert Doty (published by the International Municipal Lawyers Association), discusses three key points:

* The recent SEC enforcement aggressiveness leading to fines for issuers and officials, conditions on issuers' future issuance of bonds, bars against officials' participation in the market, and many other "firsts."

* Control person liability (broadly construed), which applies even in the absence of fraud or negligence by key officials and places a burden on the officials to prove that they acted in good faith and did not induce an issuers' fraud. …

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