RegAlert2016-02-02
Added · Updated
SEC Order Granting Waivers of Disqualification Provisions for Municipalities Continuing Disclosure Cooperation Initiative Underwriters
The Securities and Exchange Commission grants waivers from the disqualification provisions of Rules 262(a)(4)(ii), 505(b)(2)(iii), 506(d)(1)(iv)(B), and 602(c)(3) of the Securities Act of 1933, as well as waivers from being ineligible issuers under Rule 405, for specific municipal underwriters and their parent issuers. These waivers apply to entities participating in the Municipalities Continuing Disclosure Cooperation Initiative, including Barclays Capital Inc., Jefferies LLC, and Wells Fargo Bank, N.A. Municipal Products Group, allowing them to access registration exemptions despite prior administrative orders. The determination relies on a finding of good cause due to the underwriters' self-reporting and compliance with standardized settlement terms. The Commission reserves the right to revoke or further condition these waivers if the underwriters fail to comply with the terms of the MCDC Orders.
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UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES ACT OF 1933
Release No. 10030 / February 2, 2016
ADMINISTRATIVE PROCEEDING
File No. 3-17084; 3-17085; 3-17086; 3-17087;
3-17088; 3-17089; 3-17090; 3-17091; 3-17092;
3-17093; 3-17094; 3-17095; 3-17096 and 3-17097 In the Matter of Certain Underwriters Participating in the Municipalities Continuing Disclosure Cooperation Initiative, Respondents. ORDER UNDER RULES 262(b)(2), 405, 505(b)(2)(iii)(C), 506(d)(2)(ii), AND 602(e) OF THE SECURITIES ACT OF 1933 GRANTING WAIVERS OF THE DISQUALIFICATION PROVISIONS OF RULES 262(a)(4)(ii), 505(b)(2)(iii), 506(d)(1)(iv), AND 602(c)(3) OF THE SECURITIES ACT OF 1933, AND GRANTING WAIVERS FROM BEING INELIGIBLE ISSUERS I. In March 2014, the Division of Enforcement (the “Division”) announced the Municipalities Continuing Disclosure Cooperation Initiative (the “MCDC Initiative”), a selfreporting program intended to address potentially widespread violations of the federal securities laws resulting from misrepresentations in municipal bond offering documents about prior compliance with continuing disclosure obligations.1
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