Office of Municipal Securities

August 2020

This compilation of Municipal Securities Cases and Materials was prepared by the Office of Municipal Securities of the Securities and Exchange Commission. This compilation covers enforcement actions brought by the Commission in conjunction with the Municipal Continuing Disclosure Cooperative (“MCDC”) Initiative in 2015 and 2016.[1] The links below contain the full text of certain Commission orders/opinions, administrative law judge decisions, and litigation releases, as well as federal court decisions, involving participants in municipal securities transactions. In some instances, the linked document is a determination of fact and law following a hearing; in others, findings made by the Commission in a settled proceeding in which the named party has neither admitted nor denied the findings, but consented to entry of the order. In still other instances, such as a complaint, the document may consist of allegations.

The compilation organizes enforcement actions by relevant participants to municipal securities transactions or topics. However, inclusion under a particular heading does not limit in any manner the relevance of the document to other participants or topics.

While this compilation provides an extensive review of Commission activity in the municipal securities market for the relevant period, it does not purport to be exhaustive. It also does not include actions by private parties under the federal securities laws arising from municipal securities transactions, or Commission and private actions under the antifraud and other sections of the federal securities law arising from transactions not involving municipal securities. Such materials may also be useful to the reader.

Please visit the official Office of Municipal Securities webpage, maintained by the Commission, at www.sec.gov/municipal for more information related to the Commission’s activities regarding municipal securities.

Issuers

Commission Orders – Settled Administrative Proceedings

Alabama

• In the Matter of City of Vestavia Hills, Alabama, Securities Act of 1933 Release No. 10151, Administrative Proceeding File No. 3-17444 (Aug. 24, 2016).
• In the Matter of Board of Education of Madison County, Alabama, Securities Act of 1933 Release No. 10132, Administrative Proceeding File No. 3-17425 (Aug. 24, 2016).

Alaska

• In the Matter of North Slope Borough, Alaska, Securities Act of 1933 Release No. 10174, Administrative Proceeding File No. 3-17467 (Aug. 24, 2016).

Arkansas

• In the Matter of Board of Trustees of Arkansas Tech University, Securities Act of 1933 Release No. 10133, Administrative Proceeding File No. 3-17426 (Aug. 24, 2016).

California

• In the Matter of City of Alameda, Securities Act of 1933 Release No. 10128, Administrative Proceeding File No. 3-17421 (Aug. 24, 2016).

Colorado

• In the Matter of Boulder County, Colorado, Securities Act of 1933 Release No. 10135, Administrative Proceeding File No. 3-17428 (Aug. 24, 2016).
• In the Matter of Thompson School District No. R2-J, Securities Act of 1933 Release No. 10189, Administrative Proceeding File No. 3-17482 (Aug. 24, 2016).
• In the Matter of Colorado Department of Transportation, Securities Act of 1933 Release No. 10154, Administrative Proceeding File No. 3-17447 (Aug. 24, 2016).

Connecticut

• In the Matter of Lawrence & Memorial Hospital, Inc. and Lawrence & Memorial Corp., Securities Act of 1933 Release No. 10169, Administrative Proceeding File No. 3-17462 (Aug. 24, 2016)
• In the Matter of Town of Fairfield, Connecticut, Securities Act of 1933 Release No. 10190, Administrative Proceeding File No. 3-17483 (Aug. 24, 2016).

Delaware

• In the Matter of Delaware Transportation Authority, Securities Act of 1933 Release No. 10159, Administrative Proceeding File No. 3-17452 (Aug. 24, 2016).

Georgia

• In the Matter of Fulton County, Georgia, Securities Act of 1933 Release No. 10163, Administrative Proceeding File No. 3-17456 (Aug. 24, 2016).

Hawaii

• In the Matter of State of Hawaii, Securities Act of 1933 Release No. 10181, Administrative Proceeding File No. 3-17474 (Aug. 24, 2016).

Idaho

• In the Matter of Idaho Housing and Finance Association, Securities Act of 1933 Release No. 10166, Administrative Proceeding File No. 3-17459 (Aug. 24, 2016).

Illinois

• In the Matter of Palatine Park District, Cook County, Illinois, Securities Act of 1933 Release No. 10176, Administrative Proceeding File No. 3-17469 (Aug. 24, 2016).
• In the Matter of Community Unit School District Number 18 (Blue Ridge), Securities Act of 1933 Release No. 10155, Administrative Proceeding File No. 3-17448 (Aug. 24, 2016).
• In the Matter of Metropolitan Airport Authority of Peoria, Peoria County, Illinois, Securities Act of 1933 Release No. 10170, Administrative Proceeding File No. 3-17463 (Aug. 24, 2016).

Indiana

• In the Matter of City of Gary, Indiana, Securities Act of 1933 Release No. 10145, Administrative Proceeding File No. 3-17438 (Aug. 24, 2016).
• In the Matter of Sanitary District of the City of Gary, Indiana, Securities Act of 1933 Release No. 10179, Administrative Proceeding File No. 3-17472 (Aug. 24, 2016).
• In the Matter of City of South Bend, Indiana, Securities Act of 1933 Release No. 10150, Administrative Proceeding File No. 3-17443 (Aug. 24, 2016).

Iowa

• In the Matter of City of Cedar Rapids, Iowa, Securities Act of 1933 Release No. 10141, Administrative Proceeding File No. 3-17434 (Aug. 24, 2016).
• In the Matter of City of West Des Moines, Iowa, Securities Act of 1933 Release No. 10152, Administrative Proceeding File No. 3-17445 (Aug. 24, 2016).

Kansas

• In the Matter of Unified School District No. 418, McPherson County, Kansas, Securities Act of 1933 Release No. 10194, Administrative Proceeding File No. 3-17487 (Aug. 24, 2016).
• In the Matter of City of Andover, Kansas, Securities Act of 1933 Release No. 10139, Administrative Proceeding File No. 3-17432 (Aug. 24, 2016).

Kentucky

• In the Matter of Kentucky Housing Corporation, Securities Act of 1933 Release No. 10167, Administrative Proceeding File No. 3-17460 (Aug. 24, 2016).
• In the Matter of Electric and Water Plant Board of City of Frankfort, Kentucky, Securities Act of 1933 Release No. 10162, Administrative Proceeding File No. 3-17460 (Aug. 24, 2016).

Louisiana

• In the Matter of East Ouachita Parish School District of the Parish of Ouachita, State of Louisiana, Securities Act of 1933 Release No. 10160, Administrative Proceeding File No. 3-17453 (Aug. 24, 2016).

Maine

• In the Matter of Town of York, Maine, Securities Act of 1933 Release No. 10192, Administrative Proceeding File No. 3-17485 (Aug. 24, 2016).

Maryland

• In the Matter of City of Montgomery College, Securities Act of 1933 Release No. 10172, Administrative Proceeding File No. 3-17464 (Aug. 24, 2016).
• In the Matter of City of Montgomery College Foundation, Inc., Securities Act of 1933 Release No. 10171, Administrative Proceeding File No. 3-17465 (Aug. 24, 2016).

Massachusetts

• In the Matter of City of Chelsea, Massachusetts, Securities Act of 1933 Release No. 10142, Administrative Proceeding File No. 3-17435 (Aug. 24, 2016).

Michigan

• In the Matter of County of Berrien, Michigan, Securities Act of 1933 Release No. 10157, Administrative Proceeding File No. 3-17450 (Aug. 24, 2016).

Minnesota

• In the Matter of State of Minnesota, Securities Act of 1933 Release No. 10182, Administrative Proceeding File No. 3-17475 (Aug. 24, 2016).

Mississippi

• In the Matter of Lauderdale County, Mississippi, Securities Act of 1933 Release No. 10168, Administrative Proceeding File No. 3-17461 (Aug. 24, 2016).

Missouri

• In the Matter of Ascension Health Alliance, Securities Act of 1933 Release No. 10129, Administrative Proceeding File No. 3-17422 (Aug. 24, 2016).
• In the Matter of Black Jack Fire Protection District of St. Louis County, Missouri, Securities Act of 1933 Release No. 10130, Administrative Proceeding File No. 3-17423 (Aug. 24, 2016).
• In the Matter of Blair Oaks R-II School District, Missouri, Securities Act of 1933 Release No. 10131, Administrative Proceeding File No. 3-17424 (Aug. 24, 2016).

Montana

• In the Matter of State of Montana Department of Transportation, Securities Act of 1933 Release No. 10183, Administrative Proceeding File No. 3-17476 (Aug. 24, 2016).

Nebraska

• In the Matter of City of Alliance, Nebraska, Securities Act of 1933 Release No. 10138, Administrative Proceeding File No. 3-17431 (Aug. 24, 2016).

New Hampshire

• In the Matter of Southern New Hampshire University, Securities Act of 1933 Release No. 10180, Administrative Proceeding File No. 3-17473 (Aug. 24, 2016).

New Jersey

• In the Matter of Borough of Roselle Park in the County of Union, New Jersey, Securities Act of 1933 Release No. 10134, Administrative Proceeding File No. 3-17427 (Aug. 24, 2016).
• In the Matter of Township of East Brunswick, New Jersey, Securities Act of 1933 Release No. 10193, Administrative Proceeding File No. 3-17486 (Aug. 24, 2016).

New Mexico

• In the Matter of El Castillo Retirement Residences, Securities Act of 1933 Release No. 10161, Administrative Proceeding File No. 3-17454 (Aug. 24, 2016).

New York

• In the Matter of The County of Franklin, New York (Aug. 24, 2016), Securities Act of 1933 Release No. 10158, Administrative Proceeding File No. 3-17451
• In the Matter of City of Ithaca, New York, Securities Act of 1933 Release No. 10146, Administrative Proceeding File No. 3-17439 (Aug. 24, 2016).
• In the Matter of Syracuse University, Securities Act of 1933 Release No. 10184, Administrative Proceeding File No. 3-17477 (Aug. 24, 2016).
• In the Matter of Westchester County Health Care Corporation, Securities Act of 1933 Release No. 10195, Administrative Proceeding File No. 3-17488 (Aug. 24, 2016).

New Carolina

• In the Matter of North Carolina Eastern Municipal Power Agency, Securities Act of 1933 Release No. 10173, Administrative Proceeding File No. 3-17466 (Aug. 24, 2016).

North Dakota

• In the Matter of City of Devils Lake, North Dakota, Securities Act of 1933 Release No. 10144, Administrative Proceeding File No. 3-17437 (Aug. 24, 2016).

Ohio

• In the Matter of The Ohio State University, Securities Act of 1933 Release No. 10188, Administrative Proceeding File No. 3-17481 (Aug. 24, 2016).

Oklahoma

• In the Matter of City of Nichols Hills, Oklahoma, Securities Act of 1933 Release No. 10148, Administrative Proceeding File No. 3-17441 (Aug. 24, 2016).
• In the Matter of Oklahoma Housing Finance Agency, Securities Act of 1933 Release No. 10175, Administrative Proceeding File No. 3-17468 (Aug. 24, 2016).
• In the Matter of Yukon Municipal Authority, Yukon, Oklahoma, Securities Act of 1933 Release No. 10197, Administrative Proceeding File No. 3-17490 (Aug. 24, 2016).

Pennsylvania

• In the Matter of County of Adams, Pennsylvania, Securities Act of 1933 Release No. 10156, Administrative Proceeding File No. 3-17449 (Aug. 24, 2016).
• In the Matter of Collegium Charter School, Securities Act of 1933 Release No. 10153, Administrative Proceeding File No. 3-17446 (Aug. 24, 2016).
• In the Matter of Hazleton Area School District, Securities Act of 1933 Release No. 10165, Administrative Proceeding File No. 3-17457 (Aug. 24, 2016).
• In the Matter of The Municipal Authority of the City of McKeesport, Securities Act of 1933 Release No. 10187, Administrative Proceeding File No. 3-17480 (Aug. 24, 2016).

South Carolina

• In the Matter of City of Columbia, South Carolina, Securities Act of 1933 Release No. 10143, Administrative Proceeding File No. 3-17436 (Aug. 24, 2016).
• In the Matter of Town of Hilton Head Island, South Carolina, Securities Act of 1933 Release No. 10191, Administrative Proceeding File No. 3-17484 (Aug. 24, 2016).

South Dakota

• In the Matter of Tea Area School District 41-5, South Dakota, Securities Act of 1933 Release No. 10185, Administrative Proceeding File No. 3-17478 (Aug. 24, 2016).

Tennessee

• In the Matter of City of Memphis, Tennessee, Securities Act of 1933 Release No. 10147, Administrative Proceeding File No. 3-17440 (Aug. 24, 2016).

Texas

• In the Matter of Pecos County, Securities Act of 1933 Release No. 10177, Administrative Proceeding File No. 3-17470 (Aug. 24, 2016).

Utah

• In the Matter of Heber Light & Power Company, Utah, Securities Act of 1933 Release No. 10164, Administrative Proceeding File No. 3-17458 (Aug. 24, 2016).

Vermont

• In the Matter of Casella Waste Systems, Inc., Securities Act of 1933 Release No. 10137, Administrative Proceeding File No. 3-17430 (Aug. 24, 2016).

Virginia

• In the Matter of Carilion Clinic, Securities Act of 1933 Release No. 10136, Administrative Proceeding File No. 3-17429 (Aug. 24, 2016).

Washington

• In the Matter of City of Bainbridge Island, Securities Act of 1933 Release No. 10140, Administrative Proceeding File No. 3-17433 (Aug. 24, 2016).
• In the Matter of Public Utility District No. 1 of Whatcom County, Washington, Securities Act of 1933 Release No. 10178, Administrative Proceeding File No. 3-17471 (Aug. 24, 2016).

West Virginia

• In the Matter of The County Commission of Ohio County, West Virginia, Securities Act of 1933 Release No. 10186, Administrative Proceeding File No. 3-17479 (Aug. 24, 2016).

Wisconsin

• In the Matter of The City of Oconomowoc, Wisconsin, Securities Act of 1933 Release No. 10149, Administrative Proceeding File No. 3-17442 (Aug. 24, 2016).

Wyoming

• In the Matter of Wyoming Community Development Authority, Securities Act of 1933 Release No. 10196, Administrative Proceeding File No. 3-17489 (Aug. 24, 2016).
• In the Matter of Westlands Water District et al., Securities Act of 1933 Release No. 10053, Accounting and Audit Enforcement Release No. 3752, Administrative Proceeding File No. 3-17162 (Mar. 9, 2016).

Underwriters

Commission Orders – Settled Administrative Proceedings[2]

• In the Matter of The Baker Group, LP, Securities Act of 1933 Release No. 9811, Securities Exchange Act of 1934, Release No. 75205, Administrative Proceedings File, No. 3-16605 (June 18, 2015).

• In the Matter of B.C. Ziegler and Company, Securities Act of 1933 Release No. 9812, Securities Exchange Act of 1934, Release No. 75206, Administrative Proceedings File, No. 3-16606 (June 18, 2015).
• In the Matter of Benchmark Securities, LLC, Securities Act of 1933 Release No. 9813, Securities Exchange Act of 1934, Release No. 75207, Administrative Proceedings File, No. 3-16607 (June 18, 2015).
• In the Matter of Bernardi Securities, Inc., Securities Act of 1933 Release No. 9814, Securities Exchange Act of 1934, Release No. 75208, Administrative Proceedings File, No. 3-16608 (June 18, 2015).
• In the Matter of BMO Capital Markets GKST Inc., Securities Act of 1933 Release No. 9815, Securities Exchange Act of 1934, Release No. 75209, Administrative Proceedings File, No. 3-16609 (June 18, 2015).
• In the Matter of BNY Mellon Capital Markets, LLC, Securities Act of 1933 Release No. 9816, Securities Exchange Act of 1934, Release No. 75210, Administrative Proceedings File, No. 3-16610 (June 18, 2015).
• In the Matter of BOSC, Inc., Securities Act of 1933 Release No. 9817, Securities Exchange Act of 1934, Release No. 75211, Administrative Proceedings File, No. 3-16611 (June 18, 2015).
• In the Matter of Central States Capital Markets, LLC, Securities Act of 1933 Release No. 9818, Securities Exchange Act of 1934, Release No. 75212, Administrative Proceedings File, No. 3-16612 (June 18, 2015).
• In the Matter of Citigroup Global Markets Inc., Securities Act of 1933 Release No. 9819, Securities Exchange Act of 1934, Release No. 75213, Administrative Proceedings File, No. 3-16613 (June 18, 2015).
• In the Matter of City Securities Corporation, Securities Act of 1933 Release No. 9820, Securities Exchange Act of 1934, Release No. 75214, Administrative Proceedings File, No. 3-16614 (June 18, 2015).
• In the Matter of Davenport & Company LLC, Securities Act of 1933 Release No. 9821, Securities Exchange Act of 1934, Release No. 75215, Administrative Proceedings File, No. 3-16615 (June 18, 2015).
• In the Matter of Dougherty & Company LLC, Securities Act of 1933 Release No. 9822, Securities Exchange Act of 1934, Release No. 75216, Administrative Proceedings File, No. 3-16616 (June 18, 2015).
• In the Matter of First National Capital Markets, Inc., Securities Act of 1933 Release No. 9823, Securities Exchange Act of 1934, Release No. 75217, Administrative Proceedings File, No. 3-16617 (June 18, 2015).
• In the George K. Baum & Company, Securities Act of 1933 Release No. 9824, Securities Exchange Act of 1934, Release No. 75218, Administrative Proceedings File, No. 3-16618 (June 18, 2015).
• In the Matter of Goldman, Sachs & Co., Securities Act of 1933 Release No. 9825, Securities Exchange Act of 1934, Release No. 75219, Administrative Proceedings File, No. 3-16619 (June 18, 2015).
• In the Matter of Hutchinson, Shockey, Erley & Co., Securities Act of 1933 Release No. 9826, Securities Exchange Act of 1934, Release No. 75220, Administrative Proceedings File, No. 3-16620 (June 18, 2015).
• In the Matter of J.P. Morgan Securities LLC, Securities Act of 1933 Release No. 9827, Securities Exchange Act of 1934, Release No. 75221, Administrative Proceedings File, No. 3-16621 (June 18, 2015).
• In the Matter of L.J. Hart & Company, Securities Act of 1933 Release No. 9828, Securities Exchange Act of 1934, Release No. 75222, Administrative Proceedings File, No. 3-16622 (June 18, 2015).
• In the Matter of Loop Capital Markets LLC, Securities Act of 1933 Release No. 9829, Securities Exchange Act of 1934, Release No. 75223, Administrative Proceedings File, No. 3-16623 (June 18, 2015).
• In the Matter of Martin Nelson & Co., Inc., Securities Act of 1933 Release No. 9830, Securities Exchange Act of 1934, Release No. 75224, Administrative Proceedings File, No. 3-16624 (June 18, 2015).
• In the Matter of Merchant Capital, L.L.C., Securities Act of 1933 Release No. 9831, Securities Exchange Act of 1934, Release No. 75225, Administrative Proceedings File, No. 3-16625 (June 18, 2015).
• In the Matter of Merrill Lynch, Pierce, Fenner & Smith, Incorporated, Securities Act of 1933 Release No. 9833, Securities Exchange Act of 1934, Release No. 75227, Administrative Proceedings File, No. 3-16626 (June 18, 2015).
• In the Matter of Morgan Stanley & Co. LLC, Securities Act of 1933 Release No. 9834, Securities Exchange Act of 1934, Release No. 75228, Administrative Proceedings File, No. 3-16627 (June 18, 2015).
• In the Matter of The Northern Trust Company, Securities Act of 1933 Release No. 9835, Securities Exchange Act of 1934, Release No. 75229, Administrative Proceedings File, No. 3-16628 (June 18, 2015).
• In the Matter of Oppenheimer & Co. Inc., Securities Act of 1933 Release No. 9836, Securities Exchange Act of 1934, Release No. 75230, Administrative Proceedings File, No. 3-16629 (June 18, 2015).
• In the Matter of Piper Jaffray & Co., Securities Act of 1933 Release No. 9837, Securities Exchange Act of 1934, Release No. 75231, Administrative Proceedings File, No. 3-16630 (June 18, 2015).
• In the Matter of Raymond James & Associates, Inc., Securities Act of 1933 Release No. 9838, Securities Exchange Act of 1934, Release No. 75232, Administrative Proceedings File, No. 3-16631 (June 18, 2015)
• In the Matter of RBC Capital Markets, LLC (June 18, 2015), Securities Act of 1933 Release No. 9839; Securities Exchange Act of 1934, Release No. 75233, Administrative Proceedings File, No. 3-16632 (June 18, 2015).
• In the Matter of Robert W. Baird & Co. Incorporated, Securities Act of 1933 Release No. 9840, Securities Exchange Act of 1934, Release No. 75234, Administrative Proceedings File, No. 3-16633 (June 18, 2015).
• In the Matter of Siebert Brandford Shank & Co., LLC, Securities Act of 1933 Release No. 9841, Securities Exchange Act of 1934, Release No. 75235, Administrative Proceedings File, No. 3-16634 (June 18, 2015).
• In the Matter of Smith Hayes Financial Services Corporation, Securities Act of 1933 Release No. 9842, Securities Exchange Act of 1934, Release No. 75236, Administrative Proceedings File, No. 3-16635 (June 18, 2015).
• In the Matter of Stephens Inc., Securities Act of 1933 Release No. 9843, Securities Exchange Act of 1934, Release No. 75237, Administrative Proceedings File, No. 3-16636 (June 18, 2015).
• In the Matter of Sterne, Agee & Leach, Inc., Securities Act of 1933 Release No. 9844, Securities Exchange Act of 1934, Release No. 75238, Administrative Proceedings File, No. 3-16637 (June 18, 2015).
• In the Matter of Stifel, Nicolaus & Company, Inc., Securities Act of 1933 Release No. 9845, Securities Exchange Act of 1934, Release No. 75239, Administrative Proceedings File, No. 3-16638 (June 18, 2015).
• In the Matter of Wells Nelson & Associates, L.L.C., Securities Act of 1933 Release No. 9846, Securities Exchange Act of 1934, Release No. 75240, Administrative Proceedings File, No. 3-16639 (June 18, 2015).
• In the Matter of William Blair & Company, L.L.C., Securities Act of 1933 Release No. 9847, Securities Exchange Act of 1934, Release No. 75241, Administrative Proceedings File, No. 3-16640 (June 18, 2015).
• In the Matter of Ameritas Investment Corp., Securities Act of 1933 Release No. 9848, Securities Exchange Act of 1934, Release No. 76045, Administrative Proceedings File, No. 3-16860 (September 30, 2015).
• In the Matter of BB&T Securities, LLC, Securities Act of 1933 Release No. 9849, Securities Exchange Act of 1934, Release No. 76046, Administrative Proceedings File, No. 3-16861 (September 30, 2015).
• In the Matter of Comerica Securities, Inc., Securities Act of 1933 Release No. 9850, Securities Exchange Act of 1934, Release No. 76047, Administrative Proceedings File, No. 3-16862 (September 30, 2015).
• In the Matter of Commerce Bank Capital Markets Group, Securities Act of 1933 Release No. 9851, Securities Exchange Act of 1934, Release No. 76048, Administrative Proceedings File, No. 3-16863 (September 30, 2015).
• In the Matter of Country Club Bank, Securities Act of 1933 Release No. 9852, Securities Exchange Act of 1934, Release No. 76049, Administrative Proceedings File, No. 3-16864 (September 30, 2015).
• In the Matter of Crews & Associates, Inc., Securities Act of 1933 Release No. 9853, Securities Exchange Act of 1934, Release No. 76050, Administrative Proceedings File, No. 3-16865 (September 30, 2015).
• In the Matter of Duncan-Williams, Inc., Securities Act of 1933 Release No. 9854, Securities Exchange Act of 1934, Release No. 76051, Administrative Proceedings File, No. 3-16866 (September 30, 2015).
• In the Matter of Edward D. Jones & Co., L.P., Securities Act of 1933 Release No. 9855, Securities Exchange Act of 1934, Release No. 76052, Administrative Proceedings File, No. 3-16867 (September 30, 2015).
• In the Matter of Estrada Hinojosa & Company, Inc., Securities Act of 1933 Release No. 9940; Securities Exchange Act of 1934, Release No. 76037; Administrative Proceedings File, No. 3-16874 (September 30, 2015).
• In the Matter of Fifth Third Securities, Inc., Securities Act of 1933 Release No. 9941, Securities Exchange Act of 1934, Release No. 76038, Administrative Proceedings File, No. 3-16853 (September 30, 2015).
• In the Matter of The Frazer Lanier Company, Incorporated, Securities Act of 1933 Release No. 9942, Securities Exchange Act of 1934, Release No. 76039, Administrative Proceedings File, No. 3-16854 (September 30, 2015).
• In the Matter of J.J.B. Hilliard, W.L. Lyons, LLC, Securities Act of 1933 Release No. 9943; Securities Exchange Act of 1934, Release No. 76040; Administrative Proceedings File, No. 3-16855 (September 30, 2015).
• In the Matter of Joe Jolly & Co., Inc., Securities Act of 1933 Release No. 9944, Securities Exchange Act of 1934, Release No. 76041, Administrative Proceedings File, No. 3-16856 (September 30, 2015).
• In the Matter of Mesirow Financial, Inc., Securities Act of 1933 Release No. 9945, Securities Exchange Act of 1934, Release No. 76042, Administrative Proceedings File, No. 3-16857 (September 30, 2015).
• In the Matter of Northland Securities, Inc., Securities Act of 1933 Release No. 9946, Securities Exchange Act of 1934, Release No. 76043, Administrative Proceedings File, No. 3-16858 (September 30, 2015).
• In the Matter of NW Capital Markets Inc., Securities Act of 1933 Release No. 9947, Securities Exchange Act of 1934, Release No. 76044, Administrative Proceedings File, No. 3-16859 (September 30, 2015).
• In the Matter of PNC Capital Markets LLC, Securities Act of 1933 Release No. 9934, Securities Exchange Act of 1934, Release No. 76031, Administrative Proceedings File, No. 3-16868 (September 30, 2015).
• In the Matter of Prager & Co., LLC, Securities Act of 1933 Release No. 9935, Securities Exchange Act of 1934, Release No. 76032, Administrative Proceedings File, No. 3-16869 (September 30, 2015).
• In the Matter of Ross, Sinclaire & Associates, LLC, Securities Act of 1933 Release No. 9936, Securities Exchange Act of 1934, Release No. 76033, Administrative Proceedings File, No. 3-16870 (September 30, 2015).
• In the Matter of UBS Financial Services, Inc., Securities Act of 1933 Release No. 9937, Securities Exchange Act of 1934, Release No. 76034, Administrative Proceedings File, No. 3-16871 (September 30, 2015).
• In the Matter of UMB Bank, N.A. Investment Banking Division (September 30, 2015), Securities Act of 1933 Release No. 9938, Securities Exchange Act of 1934, Release No. 76035, Administrative Proceedings File, No. 3-16872 (September 30, 2015).
• In the Matter of U.S. Bank Municipal Securities Group, a Division of U.S. Bank National Association, Securities Act of 1933 Release No. 9939, Securities Exchange Act of 1934, Release No. 76033, Administrative Proceedings File, No. 3-16873 (September 30, 2015).
• In the Matter of Barclays Capital Inc., Securities Act of 1933 Release No. 10016, Securities Exchange Act of 1934 Release No. 77018, Administrative Proceeding File No. 3-17084 (Feb. 2, 2016).
• In the Matter of Boenning & Scattergood, Inc., Securities Act of 1933 Release No. 10018, Securities Exchange Act of 1934 Release No. 77020, Administrative Proceeding File No. 3-17086 (Feb. 2, 2016).
• In the Matter of D.A. Davidson & Co.; Securities Act of 1933 Release No. 10019, Securities Exchange Act of 1934 Release No. 77021, Administrative Proceeding File No. 3-17087 (Feb. 2, 2016)
• In the Matter of First Midstate Incorporated, Securities Act of 1933 Release No. 10017, Securities Exchange Act of 1934 Release No. 77019, Administrative Proceeding File No. 3-17085 (Feb. 2, 2016).
• In the Matter of Hilltop Securities Inc., Securities Act of 1933 Release No. 10023, Securities Exchange Act of 1934 Release No. 77025, Administrative Proceeding File No. 3-17091 (Feb. 2, 2016).
• In the Matter of Janney Montgomery Scott LLC, Securities Act of 1933 Release No. 10022, Securities Exchange Act of 1934 Release No. 77024, Administrative Proceeding File No. 3-17090 (Feb. 2, 2016).
• In the Matter of Jefferies LLC, Securities Act of 1933 Release No. 10020, Securities Exchange Act of 1934 Release No. 77022, Administrative Proceeding File No. 3-17088 (Feb. 2, 2016)
• In the Matter of KeyBanc Capital Markets Inc., Securities Act of 1933 Release No. 10021, Securities Exchange Act of 1934 Release No. 77023, Administrative Proceeding File No. 3-17089 (Feb. 2, 2016).
• In the Matter of Mitsubishi UFJ Securities (USA), Inc., Securities Act of 1933 Release No. 10026, Securities Exchange Act of 1934 Release No. 77028, Administrative Proceeding File No. 3-17094 (Feb. 2, 2016)
• In the Matter of Municipal Capital Markets Group, Inc., Securities Act of 1933 Release No. 10025, Securities Exchange Act of 1934 Release No. 77027, Administrative Proceeding File No. 3-17093 (Feb. 2, 2016).
• In the Matter of Roosevelt & Cross, Incorporated, Securities Act of 1933 Release No. 10027, Securities Exchange Act of 1934 Release No. 77029, Administrative Proceeding File No. 3-17095 (Feb. 2, 2016).
• In the Matter of TD Securities (USA) LLC, Securities Act of 1933 Release No. 10024, Securities Exchange Act of 1934 Release No. 77026, Administrative Proceeding File No. 3-17092 (Feb. 2, 2016).
• In the Matter of United Bankers’ Bank, Securities Act of 1933 Release No. 10029, Securities Exchange Act of 1934 Release No. 77031, Administrative Proceeding File No. 3-17097 (Feb. 2, 2016).
• In the Matter of Wells Fargo Bank N.A., Securities Act of 1933 Release No. 10028, Securities Exchange Act of 1934 Release No. 77030, Administrative Proceeding File No. 3-17096 (Feb 2, 2016).