The Division of Enforcement of the Securities and Exchange Commission (“SEC”) recently extended the deadline for participation by issuers in the Municipalities Continuing Disclosure Cooperation Initiative (“MCDC”) from September 9, 2014 to December 1, 2014. (Please see the attached initial update and reminder that we previously sent you for a more detailed discussion of the MCDC, as well as a copy of the SEC’s recent announcement extending the deadline). The SEC has maintained the September 9, 2014 deadline for underwriters to report and be eligible for the standardized settlement terms under the MCDC, but has extended the deadline for participation by municipal issuers to December 1, 2014