SEC charges Oppenheimer, Bank of New York, Jefferies and TD Bank over municipal bond disclosures

(Reuters) – The U.S. Securities and Exchange Commission (SEC) said on Tuesday that it has filed a complaint with the Bank of New York Mellon (NYSE: Oppenheimer & Co BK), TD Securities and Jefferies, not complying with Municipal Bond Offering Disclosure Requirements. The agency has filed a lawsuit against Oppenheimer, while three other brokers have agreed to a settlement. The charges are the first to be brought by the SEC under the new municipal bond disclosure law. The agency said the four brokers sold the newly issued municipal bonds without obtaining the disclosures that investors demanded. The SEC says each company claims to rely on Exemptions from typical disclosure requirements, known as limited offering exemptions, do not take the necessary steps to meet the exemption criteria. Bank of New York, TD Bank and Jefferies will pay approximately $1 together. million fines and disgorgement.