by Dismal-Jellyfish

Remarks before the Municipal Securities Disclosure Conference

www.sec.gov/news/speech/gensler-remarks-municipal-securities-disclosure-conference-051023

Highlights:

• “Based on these authorities, in 1989 the Commission adopted—and as recently as in 2018 amended—Rule 15c2-12.”
• “The rule ensures that those acting as underwriters of municipal securities confirm that issuers agree to make continuous disclosures to investors, and that the disclosures are available in a manner designated by the SEC.”
• “Further, under the rules, brokers must confirm that issuers agree to make disclosures with respect to official statements, annual financial information, and 16 relevant material events.”
• “These important disclosure rules both help protect investors and facilitate capital formation by municipal issuers.”
• “I’d like to note how critical this $4 trillion market is. It provides access to the markets for local governments to provide basic services for their communities—building roads, schools, parks, bridges, hospitals, and more.”
• “While the SEC oversees more than 7,000 public company issuers, there are around 50,000 municipal securities issuers.”
  • “Strikingly, there are approximately one million different outstanding municipal securities—more than 30 times the number of outstanding corporate bonds.”

TLDRS:

• Municipal Securities is a $4 trillion market.
• While the SEC oversees more than 7,000 public company issuers, there are around 50,000 municipal securities issuers.
  • “Strikingly, there are approximately one million different outstanding municipal securities—more than 30 times the number of outstanding corporate bonds.”