Quarles & Brady
Public Finance Update
November 2008
This Update looks at continuing disclosure requirements for issuers of municipal securities in light of proposed amendments to Exchange Act Rule 15c2-12. The amendments would require that all continuing disclosure filings be made electronically with the Municipal Securities Rulemaking Board, eliminating any filing requirements with each of the nationally recognized municipal securities repositories and any applicable state information depositories.

Ballard Spahr
December 10, 2008
This Alert reviews the SEC’s adoption of modifications to Exchange Act Rule 15c2-12 which will provide for the "one-stop" electronic filing of information that issuers of municipal securities have agreed to provide under continuing disclosure agreements. From July 1, 2009, continuing disclosure agreements must provide that annual and material event information will be filed only with the Municipal Securities Rulemaking Board (MSRB) under its Electronic Municipal Market Access (EMMA) system and not with other entities (eg the Nationally Recognized Municipal Securities Information Repositories (NRMSIRs) and/or state information repositories (SIDS)).

McGuireWoods
December 16, 2008