Securities Liability for Tax Certification - Analysis of SEC Order regarding South Miami, Florida
This edition of the Hawkins Advisory analyzes the SEC’s recent South Miami enforcement action. This is an important SEC action because it found securities law liability for materially misleading tax certifications, even though such certifications were not provided to investors.
On May 22, 2013, the Securities and Exchange Commission (the “SEC”), in an administrative proceeding, accepted a settlement offer made by the City of South Miami, Florida (the “City”) and entered a cease-and-desist order (the “Order”) against the City. The SEC found that the City had acted in a negligent manner in violation of Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933 (the “Securities Act”). No enforcement action was taken against City officials.
Also of Interest
- SEC Staff Guidance Regarding Secondary Market Disclosure
This Advisory provides a summary and analysis of the recent Staff Legal Bulletin from the SEC’s Office of Municipal Securities.
- Hawkins Attorneys to co-chair and moderate The Bond Buyer’s National Outlook 2020 Conference
Howard Zucker will be co-chairing the Bond Buyer's 2020 National Outlook Conference. This annual event brings together specialists and professionals from every corner of the public finance industry.
- Carol McCoog Elected to the American College of Bond Counsel
Carol McCoog has been elected a Fellow of the American College of Bond Counsel (ACBC).
- Hawkins Attorneys are part of NABL’s SEC Rule 15c2-12 Working Group
Brian Garzione, Carol McCoog and Kenneth Roberts were part of the National Association of Bond Lawyers working group, that released the paper titled “SEC Rule 15c2-12 Amendments NABL Member Questions and Practical Considerations”.