Amendments to Municipal Securities Disclosure

Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Securities and Exchange Commission 17 CFR Part 240 [Release No. 34-83885; File No. S7-01-17] RIN 3235-AL97 AGENCY: Securities and Exchange Commission. ACTION: Final rule. SUMMARY: The Securities and Exchange Commission (“Commission” or “SEC”) is adopting amendments to the Municipal Securities Disclosure Rule under the Securities Exchange Act of 1934 (“Exchange Act”). The amendments add transparency to the municipal securities market by increasing the amount of information that is publicly disclosed about material financial obligations incurred by issuers and obligated persons. Specifically, the amendments revise the list of event notices that a broker, dealer, or municipal securities dealer (each a “dealer,” and collectively, “dealers”) acting as an underwriter (“Participating Underwriter”) in a primary offering of municipal securities with an aggregate principal amount of $1,000,000 or more (subject to certain exemptions set forth in the Rule) (an “Offering”) must reasonably determine that an issuer or an obligated person has undertaken, in a written agreement or contract for the benefit of holders of the municipal securities, to provide to the Municipal Securities Rulemaking Board (“MSRB”). DATES: Effective Date: October 30, 2018. Compliance Date: February 27, 2019. FOR FURTHER INFORMATION CONTACT: Rebecca Olsen, Acting Director; Ahmed Abonamah, Senior Counsel to the Director; Ma…