Recent SEC Rule Changes And Implications For Municipal Bond Issuers And Borrowers

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Recent SEC Rule Changes And Implications For Municipal Bond Issuers And Borrowers

SEC Rule 15c2-12: Background

On July 15, 2009, the SEC approved proposed amendments to its

Rule 15c2-12 (Rule). The SEC has proposed that these amendments, in

their final form following public comment, will become effective

the third month following the approval of the final changes to the

Rule. These proposed amendments are the first significant overhaul

of the Rule since the base version, which was adopted in 1989, was

amended in 1994 to include secondary market disclosure

requirements. These amendments will have significant implications

for municipal issuers and borrowers of the proceeds of municipal

bonds. The effects of these amendments are outlined in this

alert....

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