FORT LAUDERDALE, Fla. In response to stepped up Securities and Exchange Commission enforcement actions against individual public finance officials for alleged disclosure failures, the Government Finance Officers Association's committee on debt management moved Saturday to form a task force to create new guidance.

The task force is charged with drafting a recommended practice that includes an introduction to disclosure obligations with a "plain-language" explanation of the SEC's Rule 15c2-12 on disclosure as well as outlining suggestions for crafting official statements and continuing disclosures, and detailing the differences in responsibilities between issuer staff and elected officials, according to an outline distributed at the committee's meeting on Saturday.

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