The Securities and Exchange Commission yesterday announced enforcement actions against more than 70 municipal bond issuers for bond disclosure violations, part of an initiative that offers favorable settlement terms to issuers, underwriters and obligated persons who self-report breaches of federal securities laws, MorningConsult.com reported yesterday. The 71 issuers and obligated persons sold muni bonds from 2011 to 2014 with offering documents that contained false statements or omissions about continuing disclosure compliance, the SEC said. The issuers included the Carilion Clinic in Virginia, as well as Montgomery College in Maryland, according to today’s announcement. The parties settled the enforcement actions and did not admit to or deny the SEC’s findings. They also agreed to comply with current continuing disclosure requirements, establish procedures for continuing disclosure compliance, disclose the settlement in future offering documents and cooperate with subsequent SEC investigations, the agency said.
