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Abstract: 

Industry representatives discuss “what is next” on the municipal disclosure horizon. Although progress has been made as a result of the implementation of Rule 15c2-12 (and its amendments) and the launch of EMMA, the SEC’s MCDC initiative and industry studies demonstrate that further enhancements are needed to improve investor access to complete, timely, and understandable disclosures. The authors consider the following questions: What do municipal analysts think about the state of municipal disclosure? What, if any, of the SEC’s legislative and regulatory recommendations from its 2012 “Report on the Municipal Securities Market” are likely to be implemented? What efforts are market participants undertaking to proactively improve the disclosure landscape? And what factors constrain progress?

Keywords: Municipal disclosure, MCDC initiative, SEC, MSRB, GFOA, SIFMA, NABL

Affiliations:  1: National Federation of Municipal Analysts; 2: U.S. Securities and Exchange Commission; 3: Securities Industry and Financial Markets Association; 4: Municipal Securities Rulemaking Board; 5: National Association of Bond Lawyers; 6: State of Florida.