The Securities and Exchange Commission’s acting director for its Office of Municipal Securities singled out disclosures related to its Rule 15c2-12 as an area the office is watching closely, following an academic study that found serious deficiencies in continuing disclosure. Ernesto Lanza raised that subject in his remarks before the Government Finance Officers Association’s Committee on Governmental Debt Management during GFOA’s 2022 Winter Meeting. … The concern is over two 2019 amendments to SEC Rule 15c2-12, which require bond issuers to disclose the incurrence of a financial obligation of the issuer or obligated person, if material, in addition to any agreements to covenants, events of defaults, remedies, priority rights or other similar terms of a financial obligation of the issuer or obligated person, if material. Source: Bond Buyer.
Ranson Financial assists Kansas local governments with continuing bond disclosure. For more information, contact Beth Warren at ewarren@ransonfinancial.com.
