municipal bond offeringにおける支配者について

The U.S. Securities and Exchange Commission recently settled the first securities fraud charges brought against a municipal official alleging “control person” status under the federal securities laws. The SEC’s settlement with the former mayor of the city of Allen Park, Michigan bars him from participating in future securities offerings and imposes a $10,000 penalty. A city administrator also was charged and barred from participation in future securities offerings

via Mintz Levin

市場が非効率的な場合の損害因果関係—Nuveen Mun. High Income Opportunity Fund v. City of Alameda, Cal., 730 F.3d 1111 (9th Cir. Sept. 19, 2013)



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。


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


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