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Municipal Securities Disclosure

Feb. 27, 2017

Rulemaking

Final Rule: Amendments to Municipal Securities Disclosure - Rule 15c2-12 — Release 34-83885 (Aug. 20, 2018)
- Federal Register Version (Aug. 31, 2018)
Proposed Rule: Amendments to Municipal Securities Disclosure - Rule 15c2-12 — Release 34-80130 (Mar. 1, 2017)
- Comments received are available for this proposal here.
- Federal Register Version (Mar. 15, 2017)
Final Rule and Interpretation: Amendments to Municipal Securities Disclosure - Rule 15c2-12 — Release 34-62184A (May 26, 2010)
- Federal Register Version (June 10, 2010)
Proposed Rule: Amendments to Municipal Securities Disclosure - Rule 15c2-12 — Release 34-60332 (July 17, 2009)
- Comments received are available for this proposal here.
- Federal Register Version (Jul. 24, 2009)
Final Rule: Amendment to Municipal Securities Disclosure - Establishment of Continuing Disclosure Service of Electronic Municipal Market Access System (EMMA)—Release 34-59062 (Dec. 5, 2008)
- Federal Register Version (Dec. 15, 2008)
- Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, Relating to the Establishment of a Continuing Disclosure Service of the Electronic Municipal Market Access System (EMMA)—Release 34-59061 (Dec. 5, 2008)
  - Notice of Filing of Proposed Rule Change Relating to the Establishment of a Continuing Disclosure Service of the Electronic Municipal Market Access System (EMMA)—Release 34-58256 (Jul. 30, 2008).
    - Comments received are available for this proposal here.
Proposed Rule: Amendments to Municipal Securities Disclosure - Establishment of Continuing Disclosure Service of Electronic Municipal Market Access System (EMMA) — Release 34-58255 (Jul. 30, 2008)
- Comments received are available for this proposal here.
- Federal Register Version (Aug. 7, 2008)
Final Rule: Amendment to Municipal Securities Disclosure - Rule 15c2-12 — Release 34-34961 (Nov. 10, 1994)
Proposed Rule: Amendments to Municipal Securities Disclosure – Rule 15c2-12 — Release 34-33742 (Mar. 9, 1994)
Final Rule: Amendment to Municipal Securities Disclosure - Rule 15c2-12 — Release 34-26985 (Jul. 10, 1989)
Proposed Rule: Amendments to Municipal Securities Disclosure – Rule 15c2-12 — Release 34-26100 (Sep. 22, 1988); 53 FR 37778 (Sep. 28, 1988)

Commission Interpretative Guidance

Statement of the Commission Regarding Disclosure Obligations of Municipal Securities Issuers and Others (“1994 Interpretive Release”) — Release 34-33741 (Mar. 17, 1994)

No-Action Letters and Staff Interpretive Guidance

Application of Antifraud Provisions to Public Statements of Issuers and Obligated Persons of Municipal Securities in the Secondary Market: Staff Legal Bulletin No. 21 (OMS) (Feb. 7, 2020)
No-Action Letter Regarding NetRoadshow, Inc. (Jan. 29, 2013)
SEC Interpretive Letter to the National Association of Bond Lawyers (“NABL 2”) (Sept. 1995)
SEC Interpretive Letter to the National Association of Bond Lawyers (“NABL 1”) (Jun. 23, 1995)

Public Statements/Press Releases

The Importance of Disclosure for our Municipal Markets (May 4, 2020)
Chairman Clayton Opening Remarks at the Municipal Securities Conference (Dec. 6, 2018)
Commissioner Stein Remarks at The Road Ahead: Municipal Securities Disclosure in an Evolving Market Conference (Dec. 6, 2018)
Press Release: SEC Enforcement Division Modifies Municipalities Disclosure Initiative (Jul. 31, 2014)
Municipalities Continuing Disclosure Cooperation Initiative: Details (Nov. 13, 2014)
Press Release: SEC, MSRB: New Measures to Provide More Transparency Than Ever Before for Municipal Bond Investors (Dec. 8, 2008)

Other Resources

Webinar Hosted by the MSRB With the SEC: Frequently Asked Questions Related to Amendments to Rule 15c2-12 and Changes to EMMA (Feb 27, 2019)
- On-Demand Access to Webinar
- Written Transcript of Webinar
Exchange Act Rule 15c2-12—Municipal Securities Disclosure
EMMA Website - Continuing Disclosure Filing Location and Public Access to Information on Municipal Securities
- Press Release: New Measures to Provide More Transparency for Municipal Bond Investors (Dec. 8, 2008)
Amendments to Municipal Securities Disclosure—Small Entity Compliance Guide (Aug. 10, 2010)

Last Reviewed or Updated: Dec. 28, 2016