Dissecting The SEC Report On Municipal Securities

Law360, New York (September 4, 2012, 10:45 AM EDT) -- On July 31, 2012, the U.S Securities and Exchange Commission published its long-awaited report on the municipal securities market. The 150-page report is the culmination of two years of field hearings and review of comment letters, academic studies and statistics on the municipal securities market. The report addresses both issuer disclosure and municipal market structure.

As to issuer disclosure, the report finds a need for issuers to improve and make more uniform their financial reporting, and makes both legislative and regulatory recommendations. With respect to market...
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