Federal Register: SEC Adopts Rule Amendments To Increase Transparency In Municipal Securities Markets

Author:Mr Cadwalader, Wickersham & Taft LLP
Profession:Cadwalader, Wickersham & Taft LLP

The SEC published in the Federal Register amendments to Exchange Rule 15c2-12. The amendments require municipal securities issuers to disclose material financial obligations that could impact an issuer's liquidity and overall creditworthiness.

As previously covered, the SEC proposed requiring disclosure by the issuers of municipal securities of two additional types of event notices to the MSRB following primary offerings. The new, required event notices pertain to (i) an incurrence of a financial obligation, or an agreement to the terms of an obligation of the issuer or obligated person, that could have a material effect on...

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