Amendments to Municipal Securities Disclosure

The Securities and Exchange Commission ("Commission' or "SEC') is adopting amendments to the Municipal Securities Disclosure Rule under the Securities Exchange Act of 1934 ("Exchange Act'). The amendments add transparency to the municipal securities market by increasing the amount of information that is publicly disclosed about material financial obligations incurred by issuers and obligated persons. Specifically, the amendments revise the list of event notices that a broker, dealer, or municipal securities dealer (each a "dealer,' and collectively, "dealers') acting as an underwriter ("Participating Underwriter') in a primary offering of municipal securities with an aggregate principal amount of $1,000,000 or more (subject to certain exemptions set forth in the Rule) (an "Offering') must reasonably determine that an issuer or an obligated person has undertaken, in a written agreement or contract for the benefit of holders of the municipal securities, to provide to the Municipal Securities Rulemaking Board ("MSRB').