Municipal disclosure

Audit times for municipal bond issuers are on the rise, with the median reaching 164 days in 2020 compared with 147 in 2009.

This is the second time S&P Global Ratings placed New Orleans on negative CreditWatch due to long delays in publishing audited financial statements.

Through BondLink’s new ESG solution, the system provides investors with updates on an ongoing basis — not just at the time of sale — about the projects selected, their progress and any potential impacts.

The MSRB’s annual fact book, released on Wednesday, shows that par amount trading volume was down 28% in 2021 when compared with 2020.

Market participants are wary that regulators may muddle ESG risk disclosure guidance with guidance regarding labeled bonds.

Acting director for the SEC Office of Municipal Securities Ernesto Lanza spoke about issuer disclosure and Rule 15c2-12, the Commission’s relationship with the MSRB and its efforts improving market transparency.

Timothy Little said he's looking for input from a diverse array of muni market participants in his new data-gathering role at the New York Federal Reserve.

The Municipal Securities Rulemaking Board has launched its“innovation sandbox” which intends to enhance the use of data already available through EMMA.

California officials blame a new electronic records system for reporting delays that worsen every year, though other states don't have the same problem.

California has produced increasingly late audited financial documents since it fully launched FI$Cal, the state's massive financial technology system in 2019.

Unregistered municipal advisor activity and breaches of fiduciary duty remain priorities.

Harvey began posting financial and bond delinquency notices this year as it tries to overcome its deep fiscal strains and past mismanagement that drew regulatory and bondholder ire.

Recommending Libor-linked securities triggers important disclosure and fiduciary obligations.

The Municipal Securities Rulemaking Board is seeking comment on environmental, social and governance factors practices in the municipal securities market.

The consequences of climate change for this island state are broadly evident. So is its official response.

Avoiding even the appearance of representing conflicting interests is important for attorneys and municipal advisors alike.

The Commission’s enforcement results highlight the importance of proper disclosure.

SEC Chairman Gary Gensler focused much of his comments during SIFMA’s Annual Meeting on why he considers himself to be just getting the ball rolling on climate disclosures.

Green bonds and ESG are making it difficult for muni issuers to understand what to disclose and when.

“That's a big loss to me personally and to the commission,” SEC Commissioner Hester Peirce said Wednesday.