ABSTRACT
On November 10, 1994, the Securities and Exchange Commission (SEC) adopted amendments to SEC Rules 15c2-12, on municipal securities disclosure. The board is reprinting the adopting release of the SEC rule 15c2-12 amendments. The amendments to rule 15c2-12 ensure that brokers, dealers, and municipal securities dealer will review the secondary market disclosure practices of issuers and other obligated persons at the time of an offering of municipal securities. The proposed amendments called for the undertaking to be contained in a written agreement or contract for the benefit of holders of the municipal securities. The commission received many suggestions from information gatherers and vendors on streamlining the filing of disclosure information. These suggestions included requiring electronic filing of disclosure information, providing filings on computer disks, and providing information on nationally recognized municipal securities information repositories (NRMSIRs) as images of original source documents rather than exclusively as coded text.
