United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2018_register executive 2019-04-02 article Part II Rules and Regulations D09002ee1c7e1efc4 D09002ee1c7e1f292 United States Securities and Exchange Commission originator org United States Government Agency or Subagency 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"). 83 FR 44700 https://www.govinfo.gov/app/details/FR-2018-08-31/2018-18279 2018-18279 fr31au18-20 RIN 3235-AL97 8011-01-P Release No. 34-83885 File No. S7-01-17 https://www.govinfo.gov/app/details/FR-2018-08-31/2018-18279 https://www.govinfo.gov/content/pkg/FR-2018-08-31/html/2018-18279.htm https://www.govinfo.gov/content/pkg/FR-2018-08-31/pdf/2018-18279.pdf Brokers Reporting and Recordkeeping Requirements Securities 44 p. 44700 44743 83 FR 44700 Title 17 Part 240 17 CFR Part 240 RIN 3235-AL97 Amendments to Municipal Securities Disclosure; Federal Register Vol. 83, Issue RULE 2018-18279 II SECURITIES AND EXCHANGE COMMISSION 2018-10-30 Release No. 34-83885 File No. S7-01-17 8011-01-P 2018-18279 Final rule.

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").

Effective Date: October 30, 2018. Rebecca Olsen, Acting Director; Ahmed Abonamah, Senior Counsel to the Director; Mary Simpkins, Senior Special Counsel; Hillary Phelps, Senior Counsel; or William Miller, Attorney- Adviser; Office of Municipal Securities, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-6628 or at (202) 551- 5680. Brokers Reporting and Recordkeeping Requirements Securities Amendments to Municipal Securities Disclosure , http://msrb.org/News-and-Events/Press-Releases/2016/MSRB-Improves-Bank-Loan-Disclosure-on-EMMA-website http://www.courant.com/community/hartford/hc-news-hartford-oversight-board-20180208-story.html http://www.federalreserve.gov/apps/fof/Guide/z1_tables_description.pdf http://www.federalreserve.gov/apps/mdrm/data-dictionary http://www.gasb.org/cs/Satellite?c=GASBContent_C&cid=1176170309590&d=Touch&pagename=GASB%2FGASBContent_C%2FGASBNewsPage http://www.gasb.org/jsp/GASB/Document_C/DocumentPage?cid=1176169170145&acceptedDisclaimer=true http://www.gasb.org/jsp/GASB/Document_C/DocumentPage?cid=1176170308047&acceptedDisclaimer=true http://www.gfoa.org/potential-impacts-tax-reform-outstanding-and-future-municipal-debt-issuance http://www.msrb.org/Market-Topics/∼/media/0E3E9F81C7BA4EB38EE80857FE378F18.ashx http://www.msrb.org/Market-Topics/∼/media/8059A52FBF15407FA8A8568E3F4A10CD.ashx http://www.msrb.org/∼/media/Files/Resources/MSRB-Fact-Book-2017.ashx?la=en http://www.naco.org/sites/default/files/documents/Counting%20Money_Full%20Report.pdf http://www.nfma.org/assets/documents/position.stmt/wp.direct.bank.loan.5.13.pdf http://www.nfma.org/assets/documents/RBP/rbp_bankloans_615.pdf http://www.nytimes.com/interactive/2013/07/18/us/detroit-bankruptcy-is-the-largest-in-nation.html http://www.statecollege.com/news/local-news/state-college-area-school-district-agrees-to-9-million-payment-in-interest-rate-swap-agreement-with-royal-bank-of-canada,1222044/ http://www.treasurer.ca.gov/cdiac/webinars/2012/20121003/presentation.pdf https://aglf.memberclicks.net/assets/docs/municipal_lease_financing.pdf https://cdr.ffiec.gov/public/ https://doi.org/10.17016/FEDS.2018.011 https://www.bloomberg.com/news/articles/2016-03-17/chicago-settling-390-million-tab-when-city-can-least-afford-it https://www.bls.gov/oes/current/oes151133.htm#nat https://www.bondbuyer.com/news/issuers-bank-loan-rate-may-spike-with-drop-in-corporate-tax-rate https://www.bondbuyer.com/news/issuers-have-costlier-alternatives-to-advance-refundings https://www.bondbuyer.com/news/what-gfoa-is-warning-on-alternatives-to-advance-refundings?brief=00000159-f607-d46a-ab79-fe27f2be0000 https://www.bondbuyer.com/news/why-muni-issuers-are-eschewing-bank-loans https://www.bondbuyer.com/opinion/how-banks-may-calculate-the-gross-up-on-direct-placement-bonds https://www.fdic.gov/regulations/resources/call/index.html https://www.federalreserve.gov/datadownload/Choose.aspx?rel=z1 https://www.federalreserve.gov/releases/z1/20180308/z1.pdf https://www.gpo.gov/fdsys/pkg/CRPT-110hrpt835/html/CRPT-110hrpt835.htm https://www.hsdl.org/?view&did=761823 https://www.irs.gov/pub/irs-tege/02%20Phase%20II%20Lesson%2002%20-%20%20Advanced%20Topics%20in%20Arbitrage.pdf https://www.moodys.com/sites/products/DefaultResearch/102249_RM.pdf https://www.nabl.org/DesktopModules/Bring2mind/DMX/Download.aspx?portalid=0&EntryId=1118 https://www.nytimes.com/2017/05/03/business/dealbook/puerto-rico-debt.html https://www.nytimes.com/2018/02/23/business/the-tax-law-gives-municipal-bonds-a-new-allure.html https://www.sec.gov/comments/s7-01-17/s70117.htm https://www.sec.gov/info/municipal/nabl-1-interpretive-letter-1995-06-23.pdf https://www.sec.gov/info/municipal/nabl-2-interpretive-letter-1995-09-19.pdf https://www.sec.gov/news/pressrelease/2016-166.html https://www.sec.gov/news/studies/2012/munireport073112.pdf https://www.sec.gov/spotlight/investor-advisory-committee-2012/iac061418-market-structure-subcommittee-recommendation.pdf https://www.sifma.org/wp-content/uploads/2017/06/cm-us-bond-market-sifma.xls https://www.spratings.com/documents/20184/86957/Bank+Loan+Structures+Risks+Remain+But+GASB88+Is+A+Positive+Step+Toward+Transparency+In+Financial+Reporting_May-02-2018.pdf/07d7140a-0019-4907-8ab9-35d7b463e77c https://www.wsj.com/articles/SB10001424052702303654804576341772921133838 Vol. 83, no. 170 Office of the Federal Register, National Archives and Records Administration 2018-08-31 continuing daily deposited born digital 375 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2018-08-31 P0b002ee1a03a55fc 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr31au18 https://www.govinfo.gov/app/details/FR-2018-08-31 https://www.govinfo.gov/content/pkg/FR-2018-08-31/pdf/FR-2018-08-31.pdf https://www.govinfo.gov/content/pkg/FR-2018-08-31/xml/FR-2018-08-31.xml fdlp 44449 44813 DGPO 2019-04-02 2024-06-01 FR-2018-08-31 machine generated eng FR FR-2018-08-31 83 170