In the first half of 2013, we continued to observe a trend of increasing annual enforcement activity by the Securities and Exchange Commission, with the SEC pursuing more municipal market enforcement actions in the first half 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. While the SEC did not bring a single enforcement action against a state or local government in 2012, it initiated actions against one state and three cities in the first half of 2013, and each of these actions focused on disclosures, including to the secondary markets. Indeed, if July is any indication, the second half of 2013 may see a further increase in enforcement activity relating to disclosures; in recent weeks the SEC has brought enforcement actions against another city and a school district.

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Related Practices

Litigation
Municipal Securities Regulation and Enforcement
Securities Enforcement and Litigation