August 21, 2018

Muni News: SEC Adopts Rule 15c2-12 Amendments, Adding Two New Notice Events

On August 20, 2018, the Securities and Exchange Commission (the “SEC” or “Commission”) adopted a final rule amending Rule 15c2-12 under the Exchange Act of 1934 (the municipal securities disclosure rule that requires an underwriter to determine, prior to purchasing bonds, that an issuer and/or other obligated person has undertaken to provide continuing disclosure to bondholders in the form of annual financial information and notice of certain listed events via

The final rule follows proposed amendments that were published in March 2017, with some modifications. The proposed amendments were the subject of numerous comments, including four comment letters submitted by the National Association of Bond Lawyers.

Update:  The compliance date for the amendments is February 27, 2019.

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