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S.E.C. Adopts Changes to Continuing Disclosure Requirements

By James T. Giel, Attorney, Gust Rosenfeld P.L.C.

In May, the United States Securities and Exchange Commission approved changes to the continuing disclosure provisions of Rule15c2-12 (the "Rule") that will affect new agreements executed on or after December 1, 2010.

Under the current Rule, an Event Notice must be filed in a timely manner if any of 11 events occur, if those events are material. The amended Rule:

  • Requires notices be filed within 10 business days of the occurrence of the applicable material event;

  • Adds 4 new events;

  • Modifies 7 of the original 11 events;

  • Changes the standard for materiality with respect to 7 of the original 11 events.

    Please email Doris Harris at to request a free handout outlining these changes. If you have any questions regarding continuing disclosure requirements, please contact any Gust Rosenfeld Public Finance attorney.

  • James T. Giel - 602.257.7495 -
    Jim practices in the area of public finance.

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