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Expert Analysis

A 'Prisoner's Dilemma' For Issuers And Underwriters

Law360, New York (May 27, 2014, 2:51 PM EDT) -- On March 10, 2014, the Enforcement Division of the U.S. Securities and Exchange Commission announced the Municipalities Continuing Disclosure Cooperation Initiative (MCDC) — an offer for municipal issuers and their underwriters to turn themselves (and others) in now for certain potential violations of the securities laws in exchange for lighter punishments, in contrast to harsh penalties threatened for those caught after the Sept. 9, 2014 deadline. The offer extends only to potential violations of the antifraud rules made in an official statement regarding the issuer's past compliance with continuing disclosure agreements and not to other violations of the antifraud provisions....

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