On July 31, 2014, the Securities and Exchange Commission extended the Municipalities Continuing Disclosure Cooperative Initiative (“MCDC”) deadline to allow issuers and obligors more time to complete their reporting requirements and, with respect to underwriters, implemented a tiered approach to civil penalties based on the size of the firm. The new deadline for issuers and obligors to self-report is December 1, 2014. The deadline for underwriters remains unchanged at September 10, 2014. To encourage smaller municipal securities underwriting firms to participate in the initiative, the SEC modified the civil penalties to the following...