On July 31, the SEC announced modifications to its Municipalities Continuing Disclosure Cooperation (MCDC) Initiative that will (i) allow issuers and obligors more time to complete their reporting requirements by extending the deadline to self-report potential violations from September 10, 2014 - December 1, 2014 and (ii) implement atiered approach to civil penalties for underwriters based on the size of the firm. Release.
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