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
- Hawkins Attorneys Featured at Bond Attorneys’ Workshop
Four Hawkins attorneys will serve on panels at the National Association of Bond Lawyers 43rd annual Bond Attorneys’ Workshop which will be held September 26-28, 2018 in Chicago.
- Rule 15c2-12 Amendments
This Hawkins Advisory analyzes the amendments to Rule 15c2-12 that were adopted by the SEC on August 20, 2018.
- Cybersecurity - Municipal Disclosure
This Hawkins Advisory describes recent developments regarding disclosure of cybersecurity risks and incidents and their import for municipal disclosure.
- Municipal Market Regulatory Update
This Hawkins Advisory describes the proposed amendments to Rule 15c2-12 and provides a summary and analysis of SEC municipal enforcement actions over the last year.