The obligation, or “undertaking,” of the Issuer or an obligated person under SEC Rule 15c2-12, typically in the form of a contract or certificate, to provide (a) periodic updates of financial information and operating data of the type included in the Offering Document for the Bonds, and (b) notice of certain material events (e.g., notice of Redemption, notice of Defeasance, notice of bankruptcy, or notice of financial difficulty) relative to the Bonds and other financial obligations, should they occur while the Bonds are outstanding.
Learn more about the various documents involved in a municipal securities transaction.
Rule promulgated under the 1934 Exchange Act and adopted by the SEC in 1989 to establish standards for the procurement and dissemination of disclosure documents by underwriters as a means of enhancing the accuracy and timeliness of disclosure to municipal securities investors.
Law designed to govern the trading of securities in the secondary market.
An attorney or firm of attorneys engaged to assist with understanding and satisfying disclosure responsibilities of an Issuer, both in connection with primary offerings of bonds and in determining whether (and if so, how) to provide secondary market disclosure.
A trustee specifically acting in such capacity with respect to an indenture or trust indenture/agreement.
