Regulating Municipalities by Prosecution (Denver, Colorado)
The Securities Act of 1933 and the Securities Exchange Act of 1934 exempt state and local government securities from registration, but not from the antifraud provisions. The financial crisis of the mid and late 2000s, the provisions of Dodd-Frank enacted in response, and the last eight years of SEC enforcement actions have brought a new rigor to the obligation to disclose all material facts to municipal investors, not only in the initial issuance and sale of securities, but also in the subsequent disclosures and reports to be filed with the Municipal Securities Rule Making Board on EMMA (Electronic Municipal Market Access).
Tim was co-speaker at a CLE program hosted by the Colorado Bar Association for legal counsel involved in finance for municipal governments to the recent changes in the framework for disclosure and compliance with federal securities laws.
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