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Abstract: 

Since the adoption of the Tower Amendment more than 30 years ago, the municipal securities market has grown enormously and has changed in a number of very significant ways. These changes include a much-increased proportion of conduit bonds in the market, a substantial increase in the size of the market, and many new complex products. This is an appropriate time for the SEC to review the current legal structure of the municipal securities market and to consider whether it meets the needs of today’s investing public. Accordingly, the SEC is looking at Rule 15c2-12 to see how it might be improved, is concerned about recent irregularities in meeting continuing disclosure agreements, and has expressed its support of the use of GASB accounting standards by all issuers of municipal securities.

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Affiliations:  1: Securities and Exchange Commission.