Continuing Disclosure Service

While U.S. Securities Exchange Commission Rule 15c2-12 endeavors to increase transparency in the municipal bond market and protect investors, it has also created a large regulatory burden for both underwriters and municipalities. The Baker Group provides ongoing education and guidance regarding the ever-changing regulatory framework imposed on municipal bond issuers with respect to Rule 15c2-12.

As seasoned underwriters, The Baker Group is well aware of the level of research and organization needed to comply with the rule and is now offering municipalities customized continuing disclosure services to assist with SEC Rule 15c2-12 compliance. These services include:

  • Detailed review of prior continuing disclosure covenants
  • Review of filings made and/or missed related to prior CDAs
  • Monitoring of upcoming disclosure deadlines and material events
  • Procedural audits of current systems
  • Advice pertaining to system implementation
  • Disseminating required documents
  • Educational webinars and workshops
  • Other services as needed to help issuers remain in compliance with SEC Rule 15c2-12

On behalf of municipal issuers, we do the heavy lifting of identifying CDA requirements, identifying continuing disclosure documents, determining if those documents were filed in a timely manner, and preparing a user-friendly report for review. We also maintain weekly communication with municipalities to ensure no material events are missed, which is very important given the strict deadline of ten business days. Lastly, we can act as a dissemination agent to assist with the preparation and filing of continuing disclosure documents and material event notices.

Municipal officials who need assistance implementing policies and procedures to prepare for the new SEC Rule 15c2-12 amendments or compliance with the rule in general can reach out to Drew Simmons, Senior Vice President of Public Finance, at 866.214.1153 or drew@gobaker.com.