First MCDC Settlement Leaves Much To Be Desired

Law360, New York (July 17, 2014, 10:39 AM EDT) -- On July 8, 2014, the U.S. Securities and Exchange Commission announced that it has entered into a settlement order with Kings Canyon Joint Unified School District — the first settlement with an issuer under the commission's Municipalities Continuing Disclosure Cooperation (MCDC) initiative, which began in March 2014.[1] The Kings Canyon settlement order is also noteworthy for what it does not do — provide useful SEC guidance on the scope of potential disclosure violations to be reported under the MCDC. See our prior article, "A 'Prisoner's Dilemma' For Issuers And Underwriters."...

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