The Securities and Exchange Commission has proposed rule amendments Rule 15c2-12 with the goal of improving investor protection and enhancing transparency in the municipal securities market. The amendments to Rule 15c2-12 add two event notices to Continuing Disclosure Agreements. First, issuers and obligated persons must disclose information on the incurrence of alternative financings, including bank loans, direct placements, and similar obligations, and terms of such financings. Second, issuers and obligated persons must disclose any default or termination events with regard to those alternative financings.

See also:

Press Release: SEC Proposes Rule Amendments to Improve Municipal Securities Disclosures

Federal Register Notice