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Abstract: 

Recent SEC enforcement actions against municipalities, the passage of the Dodd-Frank Act, and anticipated legislation all suggest that the disclosure practices of municipal issuers will be increasingly subject to federal scrutiny. It is therefore essential that municipal issuers carefully review and strengthen their disclosure practices to ensure compliance with the antifraud provisions of the federal securities laws. This article reviews recent enforcement actions against municipal issuers and analyzes the legislative reforms and proposals affecting disclosure procedures. The author suggests 10 “best practices” for municipal issuers, who should not wait until new rules and regulations are enacted to make necessary changes.

Keywords: municipal issuers, municipal securities regulation, disclosure practices, municipal issuers, municipal bonds, Tower Amendment

Affiliations:  1: New York Law School Law Review.