Update Crafting Disclosure Policies
The project involves preparing a supplement to NABL’s Crafting Disclosure Policies to provide NABL members with tools to advise issuers and obligated persons of municipal securities in developing amendments to existing written disclosure policies and procedures in response to the 2019 amendments to Rule 15c-12. This project also includes a discussion of the SEC’s public statement regarding the importance of voluntary disclosures by municipal issuers concerning their current financial status and operations in light of the uncertainties created by the COVID-19 pandemic. A working group has prepared a draft that is under review by the Committee.
Due Diligence Considerations in Municipal Securities Offerings
This committee is tasked with drafting a white paper that brings together the what, why, who, when, where and how of due diligence as it relates to municipal securities offering. Aimed at both new and seasoned attorneys, the white paper will summarize the foundational laws, judicial decisions and agency actions that define and inform the duty to complete due diligence before making an offering of municipal securities, as well as provide practical tips on how to conduct due diligence in a municipal securities offering. An outline of the white paper has been prepared, and the committee has been broken into subgroups to draft various sections of the paper.
Review of 1994 Interpretive Release for Potential Updates
In light of recent statements from members of the SEC and references that the 1994 Interpretive Release will control the views of the SEC, a review of that release in light of developments over the past 25 years is in order. A “things to think about” paper may be the result of such undertaking with a possible submission of that paper to OMS to help guide the thinking on the release.