Regulatory Alerts2018-08-31 | 2018-18279Added
Amendments to Municipal Securities Disclosure
The Securities and Exchange Commission adopted final amendments to Rule 15c2-12 to enhance transparency in the municipal securities market by requiring broader disclosure of material financial obligations. The rule expands the list of reportable events to include the incurrence of financial obligations and defaults reflecting financial difficulties, while defining 'financial obligation' to encompass debt, derivatives, and guarantees. These changes require participating underwriters to ensure issuers provide timely event notices to the Municipal Securities Rulemaking Board for offerings exceeding $1,000,000.
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