On July 31, 2014, the Securities and Exchange Commission (SEC) announced changes to the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative that extend the deadline for self-reporting to December 1, 2014 for municipal issuers and obligated persons only. At the same time, the SEC also modified the financial penalties to be assessed to underwriters by providing a tiered scale, based upon the underwriters’ total annual revenue.

Read the full SEC release and our previous publication on this issue