RegAlert2015-09-30
Added · Updated
SEC Order Granting Waivers of Disqualification Provisions for Municipalities Continuing Disclosure Cooperation Initiative Underwriters
The Securities and Exchange Commission grants waivers of disqualification provisions under 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 underwriters and issuers participating in the Municipalities Continuing Disclosure Cooperation Initiative. These waivers apply to the entities listed in the attached appendices, including Ameritas Investment Corp., BB&T Securities, LLC, and their respective parent issuers, allowing them to maintain access to exemptions from registration under Regulations A, D, and E despite prior settlement orders. The Commission determines that good cause exists for these waivers based on the underwriters' participation in the self-reporting program and compliance with standardized settlement terms, while reserving the right to revoke or further condition the waivers if the terms of the MCDC Orders are not met.
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UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES ACT OF 1933
Release No. 9956 / September 30, 2015
ADMINISTRATIVE PROCEEDING
File Nos. 3-16853; 3-16854; 3-16855; 3-16856; 3-16857; 3-16858; 3-16859; 3-16860; 3-16861; 3-16862; 3-16863; 3-16864; 3-16865; 3-16866; 3-16867; 3-16868; 3-16869 3-16870; 3-16871; 3-16872; 3-16873; and 3-16874 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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