Orrick has published a Second Edition of our booklet titled "Disclosure Obligations of Issuers of Municipal Securities." In addition to updating for certain new S.E.C. Rules, the Second Edition contains a new chapter highlighting trends in, and summarizing more than 20 recent lawsuits and administrative actions brought by, the S.E.C.'s Enforcement Division against issuers, obligated persons and others in the municipal industry. These enforcement actions have targeted many different municipal market participants, including in many cases their individual staff members or employees.