Municipal Securities Regulation and Enforcement

The $3.7 trillion municipal bond market, the lifeblood of state and local infrastructure projects, is attracting the growing scrutiny of federal regulators. Local governments, financial and trading intermediaries, municipal advisers, and broker-dealers face increased demands for accountability and disclosure—and swift sanctions for noncompliance.

We help municipal market participants navigate a rapidly evolving regulatory, investigative, and enforcement environment, enabling them to anticipate and address compliance issues and respond effectively to investigations when necessary. As recent enforcement cases show, the Securities and Exchange Commission (SEC) and its Public Financial Abuse Unit have focused on the following areas: offering and disclosure fraud, tax and arbitrage-driven fraud, pay-to-play and public corruption violations, public pension accounting and disclosure violations, and valuation and pricing fraud.

White Papers by the Municipal Securities Regulation and Enforcement Team