The Securities and Exchange Commission (SEC) recently announced its first cease and desist order under its Municipalities Continuing Disclosure Cooperation (MCDC) Initiative. Without providing detailed analysis, the SEC found that a California school district made a material misstatement in a 2010 official statement.

The MCDC Initiative was designed to motivate municipal market participants to police themselves. The initiative encourages self-reporting related to possible material misstatements in offering documents regarding issuers’ compliance with past continuing disclosure undertakings.

This webinar, featuring economist Dr. Vinita Juneja, will assist market participants in understanding how materiality is proven under federal securities law through market analysis.


12:00 PM – 1:00 PM ET


M. Norman Goldberger, Ballard Spahr

John C. Grugan, Ballard Spahr

Teri M. Guarnaccia, Ballard Spahr

Dr. Vinita Juneja, NERA Economic Consulting

There is no cost to attend. This program is not eligible for continuing education credits.

Please register at least two days before the webinar. Login details will be sent to all approved registrants. For more information, contact Lisa Prickril at 215.864.8252 or

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