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Abstract

Under what circumstances does a company violate the anti-fraud provisions of the Securities Act of 1933 or the Securities Exchange Act of 1934? This article provides an illustration of the disclosure requirements under these acts, with the municipal debt adjustment procedures of the Bankruptcy Code. The article is divided into three parts. First, it summarizes the application of federal securities law to public finance: the laws pertaining to state and political subdivision issuance of securities. The second portion highlights specific problems under Chapter 9 of the Bankruptcy Code. In this section, the author discusses specific circumstances that may likely raise concern for the adequacy of disclosure requirements. In the third part, the Article examines the disclosure requirements mandated by the Bankruptcy code, and the issues that have been left unresolved in the interaction between the securities laws and Chapter 9 of the Bankruptcy Code.

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