'Favorable terms' for US muni issuers confessing inaccuracies-SEC

WASHINGTON, March 10 Mon Mar 10, 2014 11:53am EDT

WASHINGTON, March 10 (Reuters) - Federal regulators on Monday said U.S. municipal issuers and underwriters who self-report inaccurate statements they have made in bond documents will likely receive standardized, favorable settlement terms under a new initiative.

"We encourage eligible parties to take advantage of the favorable terms we are offering under this initiative," Andrew Ceresney, director of the Securities and Exchange Commission's Enforcement Division, said in a statement. "Those who do not self-report and instead decide to take their chances can expect to face increased sanctions for violations."

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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