Edward Fierro is senior counsel in Bracewell’s Houston office where he serves as bond counsel, disclosure counsel, underwriter’s counsel and purchaser’s counsel in a spectrum of public finance transactions. Previously, he served as senior counsel to the director of the Securities and Exchange Commission’s (SEC) Office of Municipal Securities. He can be reached at
While the SEC's cybersecurity rule does not apply to municipal issuers, there are a few points discussed in the Adopting Release that may be useful for municipal market participants.
The SEC has added two events to the existing fourteen events under Rule 15c2-12, which requires certain notice filings with the MSRB’s EMMA system within 10 business days of occurrence.
Any voluntary disclosure that is reasonably expected to reach investors is subject to the antifraud provisions of the federal securities laws.
After Sept. 12, municipal advisor representatives who have not passed the Series 50 Exam may not engage in MA activities.