Summary Of SEC Release No. 34-83885 (2018 Amendment To SEC Rule 15c2-12)

The Amendments

The 2018 amendments to Rule 15c2-12 (the "Rule") make the following additions to the continuing disclosure requirements applying to most publicly-held municipal securities:

1. Amending the list of Event Notices to require disclosures, within 10 business days, of the following:
   
   
   1. Incurrence of a financial obligation of the issuer or obligated person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a financial obligation of the issuer or obligated person, any of which affect security holders, if material. 17 CFR 240.15c2-12(b)(5)(i)(C)(15).
   2. Default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a financial obligation of the issuer or obligated person, any of which reflect financial difficulties. 17 CFR 240.15c2-12(b)(5)(i)(C)(16).