SIFMA Criticizes Municipal Securities Market Disclosure Rule

In response to an SEC request for comments, SIFMA was critical of existing rules related to the collection of municipal securities information provided for in Exchange Act Rule 15c2-12 (the "Rule").

SIFMA voiced its ongoing concern that, even though issuer policies and procedures were enhanced in the wake of the SEC's Municipalities Continuing Disclosure Cooperation Initiative, "fundamental flaws exist with regard to the structure of the Rule." The letter also criticized "gross inaccuracies of the SEC's time estimates for compliance with the Rule and the failure of the SEC to estimate the Rule's primary disclosure compliance burdens." The letter encouraged the SEC to examine the Rule's cost and benefits to determine whether it can be amended to "enhance its regulatory efficiency."

See: SIFMA Comment Letter. Related news: MSRB Urges SEC to Revisit Municipal Securities Market Disclosure Rule (January 20, 2015).