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Accession Number PB2012-113973
Title Municipal Securities: Options for Improving Continuing Disclosure.
Publication Date Jul 2012
Media Count 60p
Personal Author N/A
Abstract Market participants indicated that primary market disclosure for municipal securities - official statements - generally provides useful information, but investors and market participants cited a number of limitations to continuing disclosures. The most frequently cited limitations were timeliness, frequency, and completeness. For example, investors and other market participants said that issuers do not always provide all the financial information, event notices, or other information they pledged to provide for the lifetime of a security. While GAO's analysis of current regulatory requirements for municipal securities disclosure found that they largely reflected the seven principles of effective disclosure, regulators and market participants said that there are some limitations on the enforceability and efficiency of the regulations. However, the effect of these limitations on individual investors largely is unknown because limited information exists about the extent to which individual investors use disclosures to make investment decisions. Nevertheless, regulators remain concerned about this market, in part due to its size and the participation of individual investors. As discussed below, the Securities and Exchange Commission (SEC) and Municipal Securities Rulemaking Board (MSRB) have been taking or plan to take actions to improve disclosure.
Keywords Disclosures
Financial management
Municipal securities

Source Agency General Accounting Office
NTIS Subject Category 96F - Banking & Finance
Corporate Author Government Accountability Office, Washington, DC.
Document Type Technical report
Title Note N/A
NTIS Issue Number 1225
Contract Number N/A

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