Summary of Recent Amendments to SEC Rule 15c2-12

by Halle R. Alexander, Bruce H. Giles-Klein, and John Overdorff of Greenberg Traurig

On May 26, the Securities and Exchange Commission (SEC) unanimously approved amendments to its Rule 15c2-12 that will expand the continuing disclosure obligations of issuers of municipal securities. The amendments will apply to continuing disclosure agreements entered into in connection with primary offerings of municipal securities that occur on or after December 1, 2010. This Alert provides a brief summary of the amendments to the Rule. Issuers and obligated parties should be aware that their historical disclosure practices will need to change in light of the amendments to the Rule.

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