Issuers in the U.S. municipal bond market could be required to provide more information about their finances and other matters as institutional investors demand increased transparency for the $3.7 trillion market, speakers at a bond lawyers conference said on Thursday. The U.S. Securities and Exchange Commission is eyeing legislation that would allow it to set baseline disclosure standards for states, cities, schools and other debt issuers. The regulator also wants to require issuers to have audited financial statements. "The disclosure area is aimed not at super-detailed corporate style...filing, but some baseline standards," said John Cross, head of the SEC's Office of Municipal Securities, at the National Association of Bond Lawyer's annual workshop. He added that the SEC is also seeking some direct authority over issuers instead of the current "awkward framework" where the regulator uses its power over broker dealers in the market to spur disclosure among issuers. Under
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