Last year, the SEC’s Division of Enforcement launched the “Municipalities Continuing Disclosure Initiative” offering “favorable settlement terms” to municipal issuers and underwriters who self-report continuing disclosure violations. At that time, it was claimed that there were a lot of problems and that it was expected there would be more such settlements in the future. See http://www.sec.gov/divisions/enforce/municipalities-continuing-disclosure-cooperation-initiative.shtml.
Despite the fanfare, the SEC has used pre-packaged settlements in the past, and will most likely continue to do so. Thus, not really, a year later, much to get excited about.