Client Alert
| June 18, 2010
Securities and Exchange Commission Increases Disclosure Requirements for Municipal Securities
On May 26, 2010, the Securities and Exchange Commission (the “Commission” or “SEC”) adopted amendments to Rule 15c2-12 (“Rule 15c2-12” or the “Rule”) under the Securities Exchange Act of 1934, as amended. See SEC Release No. 34-62184A (the “Adopting Release”). In the Adopting Release, the SEC also provided additional interpretive guidance with respect to underwriters’ responsibilities to investors in municipal securities. Issuers of municipal securities and other obligated persons will need to comply with the new rules beginning December 1, 2010 (the “Compliance Date”). The amendments will only affect continuing disclosure agreements that are entered into in connection with primary offerings of municipal securities on or after the Compliance Date. This Client Alert highlights the key changes to Rule 15c2-12 recently adopted by the Commission.
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This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
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