S.E.C. Adopts Changes to Continuing Disclosure Requirements
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.
If you have any questions regarding continuing disclosure requirements, please contact any Gust Rosenfeld Public Finance attorney.