Rulemaking

• Final Rule: Amendments to Municipal Securities Disclosure - Rule 15c2-12 — Release 34-83885 (Aug. 20, 2018)
  • Federal Register Version (Aug. 31, 2018)
• Proposed Rule: Amendments to Municipal Securities Disclosure - Rule 15c2-12 — Release 34-80130 (Mar. 1, 2017)
  • Comments received are available for this proposal here.
  • Federal Register Version (Mar. 15, 2017)
• Final Rule and Interpretation: Amendments to Municipal Securities Disclosure - Rule 15c2-12 — Release 34-62184A (May 26, 2010)
  • Federal Register Version (June 10, 2010)
• Proposed Rule: Amendments to Municipal Securities Disclosure - Rule 15c2-12 — Release 34-60332 (July 17, 2009)
  • Comments received are available for this proposal here.
  • Federal Register Version (Jul. 24, 2009)
• Final Rule: Amendment to Municipal Securities Disclosure - Establishment of Continuing Disclosure Service of Electronic Municipal Market Access System (EMMA)—Release 34-59062 (Dec. 5, 2008)
  • Federal Register Version (Dec. 15, 2008)
  • Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, Relating to the Establishment of a Continuing Disclosure Service of the Electronic Municipal Market Access System (EMMA)—Release 34-59061 (Dec. 5, 2008)
    • Notice of Filing of Proposed Rule Change Relating to the Establishment of a Continuing Disclosure Service of the Electronic Municipal Market Access System (EMMA)—Release 34-58256 (Jul. 30, 2008).
      • Comments received are available for this proposal here.
• Proposed Rule: Amendments to Municipal Securities Disclosure - Establishment of Continuing Disclosure Service of Electronic Municipal Market Access System (EMMA) — Release 34-58255 (Jul. 30, 2008)
  • Comments received are available for this proposal here.
  • Federal Register Version (Aug. 7, 2008)
• Final Rule: Amendment to Municipal Securities Disclosure - Rule 15c2-12 — Release 34-34961 (Nov. 10, 1994)
• Proposed Rule: Amendments to Municipal Securities Disclosure – Rule 15c2-12 — Release 34-33742 (Mar. 9, 1994)
• Final Rule: Amendment to Municipal Securities Disclosure - Rule 15c2-12 — Release 34-26985 (Jul. 10, 1989)
• Proposed Rule: Amendments to Municipal Securities Disclosure – Rule 15c2-12 — Release 34-26100 (Sep. 22, 1988); 53 FR 37778 (Sep. 28, 1988)

Commission Interpretative Guidance

• Statement of the Commission Regarding Disclosure Obligations of Municipal Securities Issuers and Others (“1994 Interpretive Release”) — Release 34-33741 (Mar. 17, 1994)

No-Action Letters and Staff Interpretive Guidance

• Application of Antifraud Provisions to Public Statements of Issuers and Obligated Persons of Municipal Securities in the Secondary Market: Staff Legal Bulletin No. 21 (OMS) (Feb. 7, 2020)
• No-Action Letter Regarding NetRoadshow, Inc. (Jan. 29, 2013)
• SEC Interpretive Letter to the National Association of Bond Lawyers (“NABL 2”) (Sept. 1995)
• SEC Interpretive Letter to the National Association of Bond Lawyers (“NABL 1”) (Jun. 23, 1995)

Public Statements/Press Releases

• The Importance of Disclosure for our Municipal Markets (May 4, 2020)
• Chairman Clayton Opening Remarks at the Municipal Securities Conference (Dec. 6, 2018)
• Commissioner Stein Remarks at The Road Ahead: Municipal Securities Disclosure in an Evolving Market Conference (Dec. 6, 2018)
• Press Release: SEC Enforcement Division Modifies Municipalities Disclosure Initiative (Jul. 31, 2014)
• Municipalities Continuing Disclosure Cooperation Initiative: Details (Nov. 13, 2014)
• Press Release: SEC, MSRB: New Measures to Provide More Transparency Than Ever Before for Municipal Bond Investors (Dec. 8, 2008)

Other Resources

• Webinar Hosted by the MSRB With the SEC: Frequently Asked Questions Related to Amendments to Rule 15c2-12 and Changes to EMMA (Feb 27, 2019)
  • On-Demand Access to Webinar
  • Written Transcript of Webinar
• Exchange Act Rule 15c2-12—Municipal Securities Disclosure
• EMMA Website - Continuing Disclosure Filing Location and Public Access to Information on Municipal Securities
  • Press Release: New Measures to Provide More Transparency for Municipal Bond Investors (Dec. 8, 2008)
• Amendments to Municipal Securities Disclosure—Small Entity Compliance Guide (Aug. 10, 2010)