SEC Modifies Municipalities Disclosure Initiative
On July 31st, the Enforcement Division extended to December 1, 2014, the deadline for municipal issuers and obligors to self-report potential violations under the Municipalities Continuing Disclosure Cooperation
Initiative. The deadline for underwriters remains unchanged at September 10, 2014. With respect to underwriters, the division has determined that to implement a tiered approach to civil penalties based on the size of the firm would encourage smaller underwriters to participate in the initiative. SEC Press Release.
On July 30th, the SEC announced that Alberto Arevalo has been named an associate director in the Office of International Affairs, where he will oversee international enforcement, supervisory cooperation, and technical assistance programs. SEC Press Release.
On July 25th, the SEC’s Office of Investor Education and Advocacy issued an Investor Alert to warn investors about those who may attempt to manipulate share prices by using social media to spread false or misleading information about stocks.