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
- Carol McCoog Assumes NABL President-Elect Position
Carol McCoog has been elected President-elect of the National Association of Bond Lawyers (NABL).
- SEC Actions – Rule 15c2-12 Limited Offering Exemption
This Advisory examines how, for the first time, the SEC has brought charges against underwriters who fail to meet the legal requirements of the limited offering exemption provided by Rule 15c2-12 in connection with offerings of municipal securities.
- Municipal Market — Federal Securities Law Update (2022)
This Hawkins Advisory provides an update on the municipal securities market and related federal securities law regulation. In particular, this Advisory reviews (i) the current composition of the Securities and Exchange Commission (the “SEC”) and its regulatory priorities; (ii) the SEC’s proposed rules on climate change disclosure and other environmental, social, and governance (“ESG”) initiatives; (iii) developments in cybersecurity disclosure; and (iv) recent SEC enforcement actions in the municipal securities market.
- 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.