The first half of 2013 confirms the trend we observed when we reported on the Securities and Exchange Commission’s enforcement efforts in 2012: the annual increase in enforcement activity between 2011 and 2012 has continued, with the SEC pursuing more municipal market enforcement actions in the first six months of 2013 than it did in the first half of 2012. What is different in 2013 so far, however, is the SEC’s pronounced focus on the sufficiency and accuracy of the municipal market disclosures provided by state and local governments.

It seems clear that the SEC will continue to dedicate substantial and increasing resources to municipal securities investigation and enforcement. In fact, the SEC has already filed a complaint against another city to kick off the second half of 2013. 

Read our 2013 mid-Year Review: Key SEC Municipal Market Enforcement Actions >

Related Practices

Municipal Securities Regulation and Enforcement
Public Finance
Securities Enforcement and Litigation