SEC report on the Municipal Securities Market
This Advisory summarizes the key recommendations in the SEC’s July 31, 2012, Report on the Municipal Securities Market. The Report is a comprehensive analysis containing legislative and regulatory proposals to address certain disclosure and market transparency concerns.
On July 31, 2012, the United States Securities and Exchange Commission (the “SEC”) released its Report on the Municipal Securities Market (the “Report”).1 The Report is a comprehensive analysis of the municipal securities market that contains legislative and regulatory proposals to address certain disclosure and market transparency concerns. The Report is the first comprehensive analysis by the SEC (or its staff) of the municipal securities market since the September 1993 Staff Report on the Municipal Securities Market. More significantly, it represents the most comprehensive SEC legislative initiative concerning municipal securities disclosure since the Municipal Securities Full Disclosure Act of 1976.2 SEC Commissioner Elisse Walter, in introducing the Report at a press conference, cautioned that the Report would not “sit on the shelves” and that the SEC is “going to go forward with what we recommend.” Accordingly, draft legislation prepared by the SEC staff to implement the legislative proposals in the Report is likely to be released in the near future.
Also of Interest
- Erich Schmitz Awarded NABL’s 2020 Carlson Prize
Erich Schmitz has been awarded the Carlson Prize by the National Association of Bond Lawyers (NABL) for his work on the article entitled “Practical Considerations in Electronic Disclosure by State and Municipal Bond Issuers”.
- SEC Exemptive Order re Municipal Advisors
This Hawkins Advisory describes the SEC’s exemptive order of June 16, 2020, which provides a temporary exemption from registration as a broker for registered municipal advisors, subject to satisfaction of certain conditions.
- SEC Statement on Disclosure by Municipal Issuers regarding the Impact of COVID-19
This Advisory provides a summary and analysis of the SEC’s public statement directed to issuers of municipal securities regarding disclosures about the impact of COVID-19 on their financial and operating conditions.
- SEC Staff Guidance Regarding Secondary Market Disclosure
This Advisory provides a summary and analysis of the recent Staff Legal Bulletin from the SEC’s Office of Municipal Securities.