Continuing Disclosure Obligations

Read the learning objectives and topics covered in this MuniEdPro® course. Log into MuniEdPro®.

Target Audience: 

Broker-Dealers, Issuers and Municipal Advisors

Learning Objectives:

At the end of this course, learners will be able to:

  • Identify the ongoing disclosure requirements for filing financial information and event notices with respect to the issuance of municipal securities under Securities and Exchange Commission Rule 15c2-12.
  • Understand the continuing disclosure requirements under federal securities law; and
  • Differentiate continuing disclosure obligations of underwriters and issuers.

Course Topics:

1. Review Relevant Rules
a. Securities and Exchange Commission (SEC) Rule 15c2-12
b. Section 17(a) of the Securities Act of 1933
c. Rule 10b-5 of the Securities Exchange Act of 1934
d. MSRB Rule G-17: Conduct of Municipal Securities and Municipal Advisory Activities
e. MSRB Rule G-32: Disclosures In Connection With Primary Offerings

2. Event Disclosures
a. Definitions
b. Annual Information
c. Requirements
d. Due Diligence

3. Past Compliance
a. Events
b. Requirements
c. Policies and Procedures

4. Post-Issuance Disclosure Obligations
a. Definitions
b. Annual Information
c. Events
d. Requirements
e. Failure to File
f. Policies and Procedures

5. Assessment