SEC Releases Recommendations for Municipal Securities Market
The U.S. Securities and Exchange Commission (SEC) has released its much-anticipated Report on the Municipal Securities Market, including recommendations to help improve its transparency. According to the SEC press release, “the report is a culmination of an extensive review of the municipal securities market that was initiated by SEC Chairman Mary L. Schapiro in mid-2010 and led by SEC Commissioner Elisse B. Walter.”
The report includes specific recommendations to improve the municipal securities market, particularly in the area of enhanced disclosure. These recommendations fall into three broad categories of initiatives: legislative, regulatory, and industry-based, each outlined in greater detail in the full report.
Many municipal issuers already provide valuable information for investors directly through their websites. The SEC report cites a study conducted by the University of Illinois at Chicago and MuniNetGuide.com, highlighting cities that provide exemplary financial and investor relations content. See Select Cities Lead the Pack in Providing Investor Relations Content.
The full report can be accessed via this link: SEC Report on the Municipal Securities Market.