SEC’s School District Enforcement Action
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).
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.