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ARTICLE · 03 JUNE 2010

The Rules of Continuing Disclosure are Continuing to Change

Day Pitney LLP
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After reshaping the municipal bond disclosure landscape with the creation of the Electronic Municipal Market Access system ("EMMA"), the Securities and Exchange Commission ("SEC") on Wednesday, May 26, announced significant changes to the continuing disclosure requirements of Rule 15c2-12 as well as the approval of two Municipal Securities Rulemaking Board ("MSRB") proposals.

United StatesGovernment, Public Sector
Judith Blank
Judith Blank
Douglas Gillette
Douglas Gillette
Adam Kasowitz
Adam Kasowitz
Edmund See
Edmund See
Namita Tripathi Shah
Namita Tripathi Shah
Richard Wasserman
Richard Wasserman
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After reshaping the municipal bond disclosure landscape with the creation of the Electronic Municipal Market Access system ("EMMA"), the Securities and Exchange Commission ("SEC") on Wednesday, May 26, announced significant changes to the continuing disclosure requirements of Rule 15c2-12 as well as the approval of two Municipal Securities Rulemaking Board ("MSRB") proposals.

The changes (1) prescribe a 10-day deadline for disclosure of specified events; (2) expand the list of events requiring disclosure; (3) mandate the disclosure of certain events regardless of whether they are "material"; (4) expand the scope of adverse tax events that require the filing of a material event notice; (5) virtually eliminate the variable rate demand obligation ("VRDO") exemption; (6) permit the MSRB to give special designation on EMMA to issuers that make certain "voluntary" undertakings; and (7) require underwriters to provide certain information about an issuer's

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