The National Federation of Municipal Analysts (NFMA), an organization of over 1,200 members, including research analysts at mutual funds, insurance companies, broker-dealers, commercial banks, rating agencies and other firms, issued on September 20, 2012 its proposed “best practices” for disclosure in hospital debt transactions. This paper is intended as an update to the previous best practices paper issued in 2000 by the NFMA. These best practices are intended as a supplement to the continuing disclosure required under SEC Rule 15c2-12.
Generally, the proposed best practices paper notes that hospital credits “are as volatile as corporate credits,” and the best practices recommended would move hospital disclosure closer to corporate disclosure for entities covered by the 1934 Act. The “best practices” would provide for...
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