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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Rules & Regulations
SEC Proposes More Disclosures for Municipalities
[Photo: Town Hall in Stokesdale, North Carolina]
States, cities, schools and other municipalities are increasingly relying on bank loans and private placements for their financing needs. This has prompted concerns – in part by the National Federation of Municipal Analysts - that problems with that debt could affect the prices of the issuers' publicly sold bonds.
In response, the SEC seeks to amend Rule 15c2-12 by requiring disclosure of bank loans and other private financial deals entered into by municipal bond market issuers – along with other material events that currently must be disclosed. In addition, any related actions - such as defaults or loan term modifications that would indicate financial difficulties on the part of the muni issuer - would have to be disclosed.
As proposed, municipal brokers, dealers and underwriters would be required to ensure that issuers disclose this information to the MSRB within 10 business days of its occurrence. Currently, such disclosure by issuers is voluntary.
The SEC will seek public comment on the proposal before taking its final action.