SEC’s School District Enforcement Action
Hawkins Advisory
This issue of the Hawkins Advisory analyzes the SEC enforcement actions of July 29 relating to an Indiana school district and related violations of Rule 10-5 and Rule 15c2-12.
On July 29, 2013, the Securities and Exchange Commission (the “SEC”), in an administrative proceeding,1 accepted a settlement offer made by City Securities Corporation (the “Underwriter”) and imposed a cease‐and‐desist order. The SEC found that the Underwriter committed numerous violations of the federal securities laws. Concurrently, the SEC in administrative proceedings imposed cease‐and‐desist orders on (i) the supervisor (the “Supervisor”) of the Underwriter’s public finance department and (ii) the issuer (and obligated person),2 West Clark Community Schools, Indiana (the “School District”), whose misleading disclosures were the basis for the enforcement actions (“Order” or “Orders,” as the context indicates3).
Attachment: [Hawkins Advisory]
Also of Interest
- 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. - 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.