米国証券取引委員会の地方公共団体への法執行(1)—In the Matter of The City of Harrisburg, 2013 SEC LEXIS 1366 (2013)

In the Matter of The City of Harrisburgでは,地方公共団体である,Harrisburg市に対して,取引所法10条(b)項および規則10b-5違反に関する排除命令(cease-and-desist order)が出されました。

米国では地方公共債の市場は,大きく,また,個人投資家が多く参加しているようです。Forbes曰く,

According to the SEC, investors have $3.7 trillion in the muni bond market and 74% of that money came from retail investors.

しかし,地方公共債に関しては,辛辣な意見もあります。SECのGallagher委員曰く

At the SEC’s recent Fixed Income Roundtable, I pointed out that the combination of rising interest rates and municipality credit risk—essentially, the risk of municipal defaults or even bankruptcies, which is a real issue in California and several other states—could create disastrous conditions in this massive, retail-dominated portion of the securities markets. The risk of defaults on what have long been considered “safe” fixed income investments, positioned at the heart of many seniors’ retirement portfolios, are, though hopefully remote, higher than ever. An even greater risk is that rising interest rates will depress municipal bond prices for investors who must sell their bonds before they have matured. And I believe the average retail investor’s understanding of these twin risks—the risk to what they probably regard as the safest portion of their investment portfolios ― is low. (footnote omitted)

via Sidley Austin, The Economist, Reuters, Reuters, MarketWatch, SEC, Bloomberg

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