Public agencies of all sizes that issue bonds through a public offering are facing increased scrutiny and enforcement action by the U.S. Securities and Exchange Commission, which is charged with enforcing federal securities laws. The SEC is particularly interested in the antifraud provisions relating to the disclosure of information by a local agency to the investors who purchase its bonds.
Most local agencies are rightly focused on performing their core missions of serving their local communities and may view federal enforcement as an unwelcomed imposition or a distraction. However, every local agency can benefit by developing a disclosure policy that will guide and facilitate its compliance with applicable securities laws.
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