What SEC’s Harrisburg Order Means for Issuers of Municipal Securities

May 20, 2013Articles
The Securities and Exchange Commission has imposed a "Cease-and-Desist" Order against the City of Harrisburg, Pennsylvania, charging the City with violating SEC rules in connection with various misrepresentations and omissions in public statements and financial reports. The SEC order says "municipal issuers have an obligation to make sure that information that is released to the public that is reasonably expected to reach investors and the trading markets, even if not specifically published for that purpose, does not violate the anti-fraud provisions."

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