Memo #
17961
SEC STAFF LETTER AUTHORIZING USE OF ELECTRONIC FILING SYSTEM TO SATISFY MUNICIPAL SECURITIES DISCLOSURE OBLIGATIONS
|
Print
[17961]
September 9, 2004
TO: FIXED-INCOME ADVISORY COMMITTEE No. 12-04
MONEY MARKET FUNDS ADVISORY COMMITTEE No. 14-04
SEC RULES MEMBERS No. 129-04
RE: SEC STAFF LETTER AUTHORIZING USE OF ELECTRONIC FILING SYSTEM TO
SATISFY MUNICIPAL SECURITIES DISCLOSURE OBLIGATIONS
We are pleased to report that the staff of the Securities and Exchange Commission’s
Division of Market Regulation has issued an interpretative letter authorizing the use of
DisclosureUSA by issuers of municipal securities and others who make continuing disclosure
filings pursuant to Rule 15c2-2 under the Securities Exchange Act of 1934.1 The letter was
issued in response to a request submitted by the Municipal Advisory Council of Texas (Texas
MAC).
DisclosureUSA is an Internet-based electronic filing system whereby issuers and other
filers may upload documents for immediate transmission, together with CUSIP numbers and
other indexing information, to each Nationally Recognized Municipal Securities Information
Repository (NRMSIR) and any appropriate State Information Depository (SID). It is the
product of a cooperative effort of eighteen industry organizations (including the ICI) known as
the “Muni Council” and Texas MAC. A Commission press release announcing the letter2
quotes Martha Mahan Haines, Chief of the Commission’s Office of Municipal Securities, who
signed the staff’s letter, as follows: “I expect DisclosureUSA to dramatically increase the
availability of financial and other information from issuers and conduit borrowers of municipal
securities to investors. Members of the Muni Council and Texas MAC should be commended
for their dedication and commitment to improve secondary market disclosure.”
Barry E. Simmons
Associate Counsel
1 The request letter and the staff’s response are available on the SEC’s website at
http://www.sec.gov/info/municipal/texasmac090704.pdf.
2 The press release is available at http://www.sec.gov/news/press/2004-125.htm.