Memo #
7315
SEC STAFF ISSUES ADDITIONAL GUIDANCE CONCERNING THE NEW MUNICIPAL SECURITIES MARKET DISCLOSURE RULES
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1 The staff provided earlier guidance in a letter to the National Association of Bond Lawyers, dated June 23, 1995. See Memorandum to SEC Rules Committee No. 80-95 and Unit Investment Trust
Committee No. 53-95, dated June 30, 1995.
October 3, 1995
TO: SEC RULES COMMITTEE No. 107-95
UNIT INVESTMENT TRUST COMMITTEE No. 72-95
RE: SEC STAFF ISSUES ADDITIONAL GUIDANCE CONCERNING THE NEW
MUNICIPAL SECURITIES MARKET DISCLOSURE RULES
______________________________________________________________________________
The staff of the Division of Market Regulation recently issued a second letter to the
National Association of Bond Lawyers providing interpretive guidance regarding the recent
amendments to Rule 15c2-12 under the Securities Exchange Act of 1934, which impose new
municipal securities market disclosure requirements.1 These amendments became effective on
July 3, 1995. The staffs letter provides interpretive guidance on various issues such as the
disclosure obligations under the new requirements of market participants other than issuers,
the scope of the written undertakings to disclose the required information and how the
requirements apply to certain offerings.
A copy of the staffs letter is attached.
Amy B.R. Lancellotta
Associate Counsel
Attachment