Law360, New York (August 9, 2013, 10:44 AM EDT) -- Since the beginning of May, the U.S. Securities and Exchange Commission has intensified its enforcement activity against municipal issuers.
On May 6, 2013, the SEC issued a Report of Investigation that included a warning to public officials to "be mindful that their public statements, whether written or oral, may affect the total mix of information available to investors, and should understand that these public statements, if they are materially misleading or omit material information, can lead to potential liability under the antifraud provisions of the federal securities laws."
The report accompanied an order instituting a settled cease-and-desist proceeding against the city...
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