Proposed Amendment to Municipal Securities Disclosure

The Securities and Exchange Commission ("Commission') is publishing for comment proposed amendments to a rule under the Securities Exchange Act of 1934 ("Exchange Act') relating to municipal securities disclosure. The proposal would amend certain requirements regarding the information that the broker, dealer, or municipal securities dealer acting as an underwriter in a primary offering of municipal securities must reasonably determine that an issuer of municipal securities or an obligated person has undertaken, in a written agreement or contract for the benefit of holders of the issuer's municipal securities, to provide. Specifically, the amendments would require the broker, dealer, or municipal securities dealer to reasonably determine that the issuer or obligated person has agreed to provide the information covered by the written agreement to the Municipal Securities Rulemaking Board ("MSRB' or "Board'), instead of to multiple nationally recognized municipal securities information repositories ("NRMSIRs') and state information depositories ("SIDs'), as the rule currently provides, and to provide such information in an electronic format and accompanied by identifying information as prescribed by the MSRB.