Making Good Disclosure: The Role of State and Local Officials Under the Federal Securities Laws
State and local governments need permanent access to the debt markets to fund the public projects their citizens require. By issuing debt, governments subject themselves to both the increasing demands of investors for full and accurate disclosure and the risk that either investors or regulators will challenge the adequacy of their disclosure. Increased enforcement activities by the Securities and Exchange Commission (SEC) and the new world of continuing disclosure have expanded and complicated the responsibilities of local officials charged with producing disclosure documents. Making Good Disclosure: The Role and Responsibilities of State and Local Officials Under the Federal Securities Laws was written by an attorney to assist government issuers in better understanding their disclosure obligations and how to meet them. Key topics covered include: application of federal securities laws to municipal securities; producing the official statement; making disclosure decisions; employing and relying on experts; conflicts of interest; conduit issues; private placements; living with continuing disclosure; and enforcement. In addition, substantial appendix material includes SEC regulations and interpretive releases.