News & Analysis as of

Municipal Securities Market Rule 15c2-12

Ballard Spahr LLP

White Paper: Structured Data is Coming to the Municipal Securities Market–Now What?

Ballard Spahr LLP on

The Financial Data Transparency Act of 2022 (FDTA), enacted by Congress as Title LVIII of the National Defense Authorization Act for Fiscal Year 2023, was signed into law by President Biden on December 23, 2022. The FDTA is...more

Orrick, Herrington & Sutcliffe LLP

A Teachable Moment: Latest SEC Enforcement Actions Remind Underwriters of Limited Offering Exemption’s “Reasonable Belief”...

In an unprecedented move, the Securities and Exchange Commission (the “SEC”) recently filed litigation against one underwriter of municipal securities and announced settlements with three others. The litigation and...more

McCarter & English, LLP

Amendments To Continuing Disclosure Requirements Effective February 27, 2019

As a reminder, the new amendments to Rule 15c2-12 of the Securities Exchange Act (the “Rule”) take effect on February 27, 2019. The amendment, summarized in Increased Transparency to Continuing Disclosure Requirements, will...more

Robinson & Cole LLP

Amendments to Continuing Disclosure Obligations Under Rule 15c2-12

Robinson & Cole LLP on

The Securities and Exchange Commission (SEC) has amended Rule 15c2-12 to add two new events which must be included in continuing disclosure agreements (CDAs) for municipal securities issued on or after February 27, 2019. ...more

K&L Gates LLP

Securities and Exchange Commission Amends and Updates Rule 15c2-12

K&L Gates LLP on

Since 1995, states and local governments have been subject to Rule 15c2-12 (the “Rule”), promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Under the Rule, governmental entities that issued securities...more

Bond Schoeneck & King PLLC

Securities and Exchange Commission Amends Municipal Securities Disclosure Requirements

In an effort to enhance disclosure and increase transparency in the municipal Securities market, the Securities and Exchange Commission adopted amendments to Rule 15c2-12 of the Securities Exchange Act of 1934. The amendments...more

Orrick - Finance 20/20

SEC Adopts Rule Amendments to Improve Municipal Securities Disclosure

Orrick - Finance 20/20 on

On August 20, 2018, the Securities and Exchange Commission adopted amendments to Rule 15c2-12 of the Securities Exchange Act in order to enhance transparency in the municipal securities market. ...more

Obermayer Rebmann Maxwell & Hippel LLP

Securities and Exchange Commission Adopts Amendments to Rule 15c2-12

On August 20, 2018 the Securities and Exchange Commission (“SEC”) adopted amendments to 17 CFR 240.15c2-12, commonly referred to as “Rule 15c2-12”, which deals with continuing disclosure obligations. According to the SEC’s...more

Orrick, Herrington & Sutcliffe LLP

Call for Comments on Proposed SEC Amendment to Rule 15c2-12

Recently, the SEC proposed amendments to Rule 15c2-12 (the "Rule"), which was published in the Federal Register on or about March 16. Since 1995 governmental issuers and other obligors (like nonprofit health care...more

McGuireWoods LLP

Proposed Securities Rule Changes Focus on Bank Loans, Other Private Placements

McGuireWoods LLP on

SEC Proposed Amendments to Rule 15c2-12 - On March 1, 2017, the Securities and Exchange Commission (SEC) proposed amendments to Rule 15c2-12 under the Securities Exchange Act of 1934 that would add two new events that...more

Akin Gump Strauss Hauer & Feld LLP

SEC Proposes Amendments to Rule 15c2-12 to Expand Municipal Securities Disclosures

On March 1, 2017, the Securities and Exchange Commission (SEC) published for comment proposed amendments to Rule 15c2-12 under the Securities Exchange Act of 1934 (Exchange Act) that would expand the list of events triggering...more

Polsinelli

SEC Proposes Significant Alterations for Financial Obligation Disclosures for Governmental Issuers and Certain Nonprofit...

Polsinelli on

The Securities and Exchange Commission (the "SEC") recently sent a clear message to participants in the municipal markets: it intends to require a greater level of disclosure, and more timely disclosure, regarding an...more

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