The Securities and Exchange Commission hopes that the action it took in charging Harrisburg, Penn., over fraudulent statements and overdue bond disclosures will serve as a warning to encourage other cities to comply with regulatory bond disclosure requirements. "The SEC used the authority that it has to enforce issuers' obligations, and I think they sent a useful message to the market that issuers in distressed situations should take care," said Michael Decker, co-head of the municipal division at SIFMA.

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