Tips for Making Continuing Disclosure Filings
| The Office of Municipal Securities of the Securities and Exchange Commission prepared these suggestions. The SEC, as a matter of policy, disclaims responsibility for any private publication or statement by any of its employees. The views expressed herein are those of the author and do not necessarily reflect the views of the Commission or of the author's colleagues on the staff of the Commission. |
Remember to file both (1) audited financial statements and (2) the annual operating and other information ("annual financial information") described in the issuer's or conduit borrower's Continuing Disclosure Agreements every year. It is best to file the audited financial statements when they are first released to the public, but both the audited financial statements and annual financial information must be filed by the deadline stated in the Continuing Disclosure Agreements. Note that issuers and conduit borrowers may have multiple Continuing Disclosure Agreements with different filing deadlines and required information.
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See the Continuing Disclosure Agreements for
- details about the annual operating and other information ("annual financial information") required to be updated and filed, and
- a description of when Notices of Material Events (including any notices of failures to file) must be filed.
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Use the "Municipal Secondary Market Disclosure Information Cover Sheet" (available at www.gfoa.org/services/nl/Muni2ndMktDscl.pdf) and provide the nine-digit CUSIP numbers to which the information relates with every filing.
Develop a tickler system to remind the issuer or conduit borrower when its annual filings are due. Consider hiring a dissemination agent if the issuer or conduit borrower does not have the resources to handle the continuing disclosure filings itself.
Send filings to all of the nationally recognized municipal information repositories (NRMSIRs) and the state information depository (SID) in the issuer's state, if it has one. The NRMSIRs and SIDs accept e-mailed filings.
If you have questions, contact the lawyer who prepared the Continuing Disclosure Agreement, another lawyer who can assist you with continuing disclosure matters or telephone the SEC's Office of Municipal Securities for general guidance at (202) 942-7300.
The SEC encourages issuers to file additional information for investors with each NRMSIR (and SID, if any). Consider posting information filed with the NRMSIRs on your website.
Useful Links
| These are private sources. This information has not been approved or endorsed by the SEC or federal government. |
http://www.sec.gov/info/municipal/discfiletips.htm
