Tax and Disclosure Issues Affecting the Municipal Market
Author: Mark Scott.; Foster Clark.; Martha Haines.; Gerry Lian.; Laura Slaughter.
Source: Volume 26, Number 04, Winter 2006 , pp.47-63(17)
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Abstract:
Municipal markets and bond lawyers are being placed under a microscope as a result of audits by the Internal Revenue Service and allegations of inadequate disclosure made by the Securities and Exchange Commission. This article discusses the proper role of bond counsel as seen from the perspective of those two administrative agencies and the National Association of Bond Lawyers. Special attention is paid to tax and disclosure issues pertaining to Circular 230 and the operations of Disclosure USA, the Central Post Office for secondary market disclosure.Keywords:
Affiliations:
1: Internal Revenue Service; 2: Batch & Bingham; 3: Securities & Exchange Commission; 4: Morgan Stanley Global Investment Group; 5: Municipal Advisory Council of Texas.