United States:
US Securities And Exchange Commission Issues Proposal On Municipal Asset-Backed Securities-Related Disclosure
22 December 2014
by
Barnabas W.B. Reynolds
,
Thomas Donegan
,
William Murdie
,
John Adams
,
Azad Ali
,
Kolja Stehl
,
Anna Doyle
,
Donna Parisi
,
Mak Judge
,
Joseph Campbell
,
Oliver Linch
,
Donald Lamson
,
Ellerina Teo
,
Russell Sacks
,
Bradley Sabel
,
Reena Agrawal Sahni
,
Timothy Byrne
,
Sylvia Favretto
,
Jennifer D. Morton
and
Christina Broch
Shearman & Sterling LLP
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On December 1, 2014, the US Securities and Exchange Commission
("SEC") and the US Municipal Securities Rulemaking Board
("MSRB") issued a proposed rule adding municipal
asset-backed securities-related disclosure required under
Securities Exchange Act of 1934 Rule 15Ga-1 to the list of
categories of continuing disclosures that the MSRB's Electronic
Municipal Market Access ("EMMA") will continue to accept
and distribute publicly. The proposed rule also makes several minor
technical changes such as the removal of outdated language,
updating naming conventions, among others. The MSRB filed the
proposal as a non-controversial rule change that is effective upon
filing. However, the proposed rule change will not be made
operative before January 9, 2015. Comments on the proposed rule are
due by December 26, 2014.
The SEC proposed rule is available at: http://www.gpo.gov/fdsys/pkg/FR-2014-
12-05/pdf/2014-28548.pdf.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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