SEC's Report and Order Regarding Harrisburg
Hawkins Advisory
This edition of the Hawkins Advisory summarizes and analyzes the SEC’s Report and Order regarding Harrisburg and the potential securities law liability for public officials for oral and written public statements, and provides suggested guidance.
On May 6, 2013, the Securities and Exchange Commission (the “SEC”), in an administrative proceeding,1 accepted a settlement offer made by the City of Harrisburg, Pennsylvania (the “City”) and entered a cease-and-desist order (the “Order”) against the City. The SEC found that the City had acted in a reckless manner in violation of Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 thereunder. In the Order, no action was taken against City officials. The proceeding was accompanied, however, by a report of investigation (the “Report”) issued by the SEC pursuant to Section 21(a) of the Exchange Act in which the SEC addressed the obligations of public officials relating to their secondary market disclosures (i.e., disclosures made outside the context of an offering of municipal securities).
Attachment: [Hawkins Advisory]
Also of Interest
- Hawkins Served as Counsel to Two Bond Buyer Deal of the Year Winning Transactions
Hawkins is proud to have served as special and lead outside counsel on two financings that were finalists for The Bond Buyer deal of the year award for 2021 and winners in their respective categories. This year’s deals reflect the substantial expertise of Hawkins’ transportation industry attorneys. - Brian Garzione co-authored NABL’s SEC Comment Letter on Climate Change Disclosures
As the Chair of NABL’s Securities Law and Disclosure Committee, Brian was one of the principal authors of NABL’s comment letter relating to the SEC’s public statement and request for public input on climate change disclosures. - Brian Garzione co-authors the Supplement to NABL’s Crafting Disclosure Policies
Brian was a key participant in preparing a supplement to NABL’s Crafting Disclosure Policies. - Brian Garzione named Chair of NABL’s Securities Law and Disclosure Committee
In the fall of 2020, Brian Garzione was named Chair of NABL’s Securities Law and Disclosure Committee (SLDC).