Municipal and Government Bonds

SEC Rules

Municipal securities, such as municipal bonds, are exempt from the disclosure requirements of the federal securities laws. The SEC adopted Rule 15c2-12 in 1989, which was designed to foster greater transparency in the municipal securities market, by regulating those who underwrite, or sell, municipal securities.

Rule 15c2-12 prohibits brokers, dealers, and municipal securities dealers from purchasing or selling municipal securities unless they reasonably believe that the state or local government issuing the securities has agreed to disclose such things as annual financial statements and notices of certain events, such as payment defaults, rating changes and prepayments.

SEC Approves Rule Change

Follow SEC proposals and rulemaking at the Office of Municipal Securities.

Read comments on the SEC hearings (2010- ) or follow the SEC on the State of the Municipal Securities Markets.


Official Disclosure Documents for Municipal Bonds

Trade Data

The Education Center at EMMA provides a brief guide to understanding Trade Prices and a FAQ About Trade Prices.