Wednesday, May 26, 2010
The SEC approved rule changes improving the quality and timeliness of municipal securities disclosure. Municipal securities, such as municipal bonds, are exempt from the disclosure requirements of the federal securities laws. As such, the SEC’s statutory authority is limited. The SEC’s rule amendments approved today are designed to provide enhanced information to municipal securities investors by further regulating those who underwrite or sell such municipal securities. The measures will strengthen existing requirements for the scope of securities covered, the nature of the events that issuers must disclose, and the time period in which disclosure must be made.
“The compliance date of the new rules is Dec. 1, 2010.