1. We believe in helping our clients in the fixed income marketplace make wiser decisions and avoid compliance penalties. Due to its lack of accounting for infrastructure assets and all long-term debt and liabilities, including pensions, general fund analysis has limited utility when analyzing municipal financial health. Concerns about the municipal market have continued to increase since the turbulence of 2008, with the market currently focusing on the availability and quality of the public disclosures available to investors. Disclosure of Material Events. Sanctuary Jurisdictions and Municipal Bond Disclosure. It is with great pride that municipalities promote their communities. When considering the issuance of a green or social bond, municipal issuers should weigh the potential market interest in a green or social bond designation compared to the additional costs of such a designation and more robust annual reporting. Born by taxpayers and service users, it is money that could be. Specifically, the City will: 1. Monitor all updates announced for continuing disclosure events. MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services . Issuers of securities insured by Assured Guaranty Corp. (AGC) or Assured Guaranty Municipal Corp. (AGM, formerly FSA) are expected to provide to the Assured Guaranty surveillance department annual information including audits, operational data and demographic information, as required by SEC Rule 15c2-12 and according to . If you do not have access to the Internet or would prefer a physical copy of the material disclosure, please contact your financial professional. XML feed for defined events. by Emma Mulvaney, Esq., Frost Brown Todd LLC. Corporate and Municipal Bonds & the Value of CDP Disclosure: Issuer Roundtable - Moderated panel discussion, 60 minutes, that features a spectrum of CDP stakeholders that utilize bonds as a major funding mechanism for sustainability work discussing the value of disclosure through the lens of CDP's Fixed Income program. disclosure document, known as the "official statement," . 18 The event notices are aimed at prompting timely, continuing disclosures by issuers and other obligated persons of direct purchases, MSRB began asking in December whether it should attempt to standardize ESG reporting for muni bonds and whether the current data provided by issuers are adequate.. Asset managers said they would favor access to more . 1 and Order Granting Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. Despite the economic importance of the municipal bond market, municipal disclosure is weak relative to corporate disclosure. Thomas Toepfer. Municipal Bonds and Continuing Disclosure. Governance (ESG) Disclosure in Municipal Offerings August 2021 By Jennifer P. Brooks, Kimberly D. Magrini, Andrew Miles, and William C. Rhodes BACKGROUND Environmental, Social, and Governance (ESG) bonds have generated increasing investor demand, media attention, and regulatory focus over the past several years. New Municipal Bond Continuing Disclosure Rules Adopted January 2019 On August 15, 2018, the U.S. Securities and Exchange ommission ("SE") adopted amendments to enhance Rule 15c2-12 ("Rule") which, among other things, requires underwriters of municipal bonds to obtain from municipal The study analyzed content in over 200 official statements of enterprise revenue bonds issued between 2016 and 2019 to understand how California's municipal bond issuers are disclosing the risks in climate change. Key benefits include -. The City is in compliance with all of . PFM Financial Advisors LLC. However, when it comes to offering bonds or other municipal securities you are required to disclose all material facts whether the facts are favorable or negative, i.e., issuers must provide all information that enables investors to make informed investment decisions. The Securities and Exchange Commission (SEC) Rule 15c2-12 obligates government bond issuers . ESG Risk Disclosure as a Best Practice A disclosure is considered to be a material credit event if it is filed in one of the following EMMA categories: Bankruptcy, insolvency, receivership or similar event; Financial obligation — event reflecting financial difficulties to meet specific continuing disclosure standards. Data granularity which calibrates the impact of the event. Helen is a municipal adviser who is working with one of her customers, Bountiful County, on a new $50 million general obligation bond that they will be issuing. They found 675 bond delinquencies and default events, representing 24% of municipal bond delinquencies. adopting enhanced written disclosure policies and procedures and implementing annual training for personnel involved in the bond offering and disclosure process • This case was the first time the SEC charged a municipal issuer with falsely stating to bond investors that it had been properly providing annual financial information In addition, Bond Counsel often handles disclosure related items such as drafting or reviewing documents such as the official statement, continuing disclosure agreements (CDAs), notices of sale or intention to sell, and preparation or review of negative assurance on the official statement - sometimes referred to as a SEC Rule 10b-5 opinion. The definitive new edition of the most trusted book on municipal bonds As of the end of 1998, municipal bonds, issued by state or local governments to finance public works programs, such as the building of schools, streets, and electrical grids, totaled almost $1.5 trillion in outstanding ANNUAL TRAINING RE: MUNICIPAL SECURITIES DISCLOSURE Rule 15c2-12 • Two aspects of the Rule 1) Prohibits an Underwriter from purchasing or selling Bonds without first determining the Issuer has agreed to provide ongoing disclosure of certain information, including •Annual financial information (often more than just audited financial statements) Municipal bonds are typically sold in minimum increments of $5,000, pay interest on a semi-annual basis, and have maturities that range from . EMMA is designated by the U. S. Securities and Exchange Commission as the official source for municipal securities data and disclosure documents. Updated on October 14, 2021 Posted on June 29, 2017 Finance Continuing disclosure is a reporting requirement for information about a municipal bond that occurs after the initial issuance of the bond. The National Association of Bond Lawyers (NABL) acknowledged that material climate risks ought to be disclosed in bond offering statements, and the Government Finance Officers' Association published a "best practices" document for disclosure of environmental "E" risks for municipal issuers. The SEC had found that the bond offering documents failed to disclose the pension plans' asset and funded ratio information on a market-value basis. . 18 Municipal Advisory Council (OMAC) will serve to satisfy an issuer's continuing disclosure compliance obligations unless that information has been timely filed on EMMA. Official statements (the prospectus for a municipal bond) Financial disclosure documents from the issuer of the bond Municipal securities fall into two categories: 1) municipal bonds issued by states, cities, counties and other governmental entities to raise money to build roads, schools and a host of other projects for the public good; and 2) municipal fund securities. disclosure: "Unlike municipal advisors, an underwriter does not have a federal . Municipal Bonds and Continuing Disclosure. The results of the Commission's study can be found in the "Climate Change Disclosure Amount California Enterprise Issuers.". February 27, 2019 is the compliance date for newly adopted Securities and Exchange Commission (the "SEC") amendments to Rule 15c2- 12, adding two new event notices. Securities Law. ESG disclosure provides governments the opportunity to tell their story of what they are facing and how they are addressing the issues, a point of view that is valuable to the broader municipal market. Washington Public Treasurers' Association. day-to-day obligations and to finance capital projects such as building schools, highways or sewer systems. Municipal Market Disclosure: CAFR Filings. The website provides free public access to objective municipal market information and interactive tools for investors, municipal entities and others. Notice of Filing of Amendment No. bond rating. This CLE course will discuss the new SEC continuing disclosure regulations that impact government bond issuers and the underwriters of their bonds. PFM Financial Advisors LLC. •A dissemination agent (such as bond counsel) can make filings on EMMA on an issuer's behalf. Municipal Bond Trends for April 21, 2022 info 2022-04-22T07:02:51-05:00 April 22nd, 2022 | The interest rate table above illustrates recent changes in a sample of MBIS "investment grade" yields. Now, with both governments and nonprofits reeling from the. 206.858.5360. . The Municipal Securities Rulemaking Board (the "MSRB") recently launched a number of new features on its Electronic Municipal Market Access ("EMMA") website designed to help participants in the municipal bond market better understand market activity and comply with continuing disclosure undertakings. The City reaffirms its commitment to meet or exceed all established standards for municipal bond disclosure. The study analyzed content in over 200 official statements of enterprise revenue bonds issued between 2016 and 2019 to understand how California's municipal bond issuers are disclosing the risks . The SEC requires certain continuing disclosure requirements under SEC Rule 15c2-12 that include annual financial information, audited financial statements, material event notices, failure to file notices and any other voluntary and relevant bond disclosures. A city stakeholder [e.g. SEC Rule 15Ga-1 disclosures. Securities Law. The Municipal Securities Rulemaking Board's Electronic Municipal Market Access (EMMA®) website provides free public access to municipal securities documents and data. New Event Notices for Municipal Bond Disclosure . Municipal bonds are debt securities issued by states, cities, counties and other governmental entities to fund . Investors need up-to-date information publicly available to be able to . City of Phoenix], a public enterprise [e.g. Rule 15c2-12 has been amended to add new continuing disclosure requirements for issuers. Following his inauguration on January 20th, President Trump issued several Executive Orders, one of which was issued on January 25, 2017 and titled, . Disclosure Guidance for Issuers of Municipal Bonds Insured by AGC or AGM. Posted in Municipal Law, Public Finance, Securities. Aug 25, 2015 | Fiscal Distress, Municipal Bonds, Municipal Bonds, Credit Quality and Disclosure, Municipal Finance. DAC's portfolio notification system is widely used by wealth managers, brokers to the retail market, institutional investors and retail users, and DAC offers the only centralized platform for integrated access to non-municipal obligors' disclosures for their municipal and direct/taxable offerings. That's why today we offer disclosure-related regulatory compliance, investment suitability, and portfolio surveillance . DAC's portfolio notification system is widely used by wealth managers, brokers to the retail market, institutional investors and retail users, and DAC offers the only centralized platform for integrated access to non-municipal obligors' disclosures for their municipal and direct/taxable offerings. day-to-day obligations and to finance capital projects such as building schools, highways or sewer systems. The City is in compliance with all of . Society and Municipal Bonds: ESG Disclosure This installment of Pacifica's "Society and Municipal Bonds" series will briefly discuss developments in municipal disclosure relating to Environmental, Social, and Corporate Governance ("ESG") characteristics of an issuer or a specific bond-financed project. The SEC had found that the bond offering documents failed to disclose the pension plans' asset and funded ratio information on a market-value basis. By purchasing municipal bonds, you are in effect Municipal Bond Risks: Lack of Disclosure May Affect Liquidity. INTRODUCTION. The U.S. Securities and Exchange Commission charged 71 municipal bond issuers on Wednesday for misleading investors through false or incomplete disclosures, part of a crackdown on irregularities . Coverage includes 80 (+) Muni Action types. Municipal Bond Continuing Disclosure Requirements Before 2018 SEC Amendments Notices of these events must be made in a timely manner not in excess of ten business days after the occurrence of the event Rule 15c2-12(f)(3) also states that the final official statement has to set forth: -A description of the continuing disclosure undertakings Pushing the Municipal Market Forward. Issuers should work with their bond counsel, disclosure counsel, internal counsel, municipal advisor, if applicable, and underwriter (collectively the Financing Team) to determine the appropriate financial and operating information to be included in a CDA. Environmental, Social and Governance Disclosure in Municipal Bond Issues. MUNICIPAL BOND CONTINUING DISCLOSURE: RULE 15c2-12 AMENDMENTS Event #16 The occurrence of a default, event of acceleration, termination event, modification of terms, or other similar EVENTS under the terms of a financial obligation of the obligated person, provided the occurrence DAC licenses its compliance technology to . April 2019 | Chelan, Washington. The Municipal Securities Rulemaking Board's revamped municipal-bond disclosure system, set to go live next month, won't be quite the panacea for disclosure that regulators hope, according to some . Environmental, Social and Governance (ESG) is not a new concept to the investment world. Washington Public Treasurers' Association. Municipal bond disclosure is critical to investor protection and the functioning of the municipal marketplace as well. This white paper describes current market standards for ESG bond labeling, verification, and disclosure, with a focus on green bonds and social bonds, best practices for primary and secondary market disclosure and post-issuance reporting, and key considerations to guide municipal issuers and their financing teams when preparing to issue ESG . . Municipal Securities Disclosure Much of the information below is found on the Financial Industry Regulatory Authority ("FINRA") website under the Investor Alert, "Municipal Bonds - Important Considerations for Individual Investors." For more information, please refer to this alert. Such disclosures are classified by the type of information they contain. It encompasses many facets of investing, including investments focused on sustainability (such as a green bond) or social improvement . October 5, 2021 - A recent SEC enforcement action demonstrates how misleading information can result in major SEC violations of the Securities Act of 1933 Municipal bonds are a murky area when it comes to ESG reporting, and the Municipal Securities Rulemaking Board, or MSRB, is considering changes to make them clearer. Assessing the Credit Quality of America's Cities - Part Five: The Bottom Line misled investors in $25 billion of municipal bonds by masking underfunding of two of its pension funds. (the prospectus for a municipal bond) Financial disclosure documents from the issuer of the bond Other ongoing disclosure documents about events affecting the bond Credit ratings information for rated bonds Trade prices, yields and other data about a bond's trading history Information about 529 savings plans and ABLE programs Municipal Bonds 5th Edition trusted book on municipal bonds As of the end of 1998, municipal bonds, issued by state or local governments to finance public works programs, such as the building of schools, streets, and electrical grids, totaled almost $1.5 trillion in outstanding debt, a number that has only increased over time. rule 15c2-12 governs underwriters' conduct and requires underwriters in primary offerings to: 1. obtain, review and distribute a "deemed final" official statement (which contains a description of any instances in the previous five years in which the obligated persons failed to comply with rule 15c2-12); and 2. obtain a written undertaking of the … A new federal regulation taking effect soon will increase the burden of compliance with federal securities law on issuers of tax-exempt securities. Municipal Government Audit Times Likely Affected by GASB Pension Rules A longstanding complaint among municipal bond analysts and investors is that municipal bond credit disclosures are slow to be reported, and not as timely as they are for other securities in the. toepfert@pfm.com. DAC licenses its compliance technology to . to meet specific continuing disclosure standards. BondLink is the go-to resource for effective and creative investor outreach solutions for municipal bond issuers. EMMA is a centralized web-based . This resulted in concealing an unfunded liability. toepfert@pfm.com. Looking to the Past For the last three years, I've been reminding market participants, investors, and market observers — in fact the whole world — that, under existing law, municipal investors get what I call "second . Weak municipal disclosure persists because of a weak ex-ante commitment to disclosure. The SEC requires certain continuing disclosure requirements under SEC Rule 15c2-12 that include annual financial information, audited financial statements, material event notices, failure to file notices and any other voluntary and relevant bond disclosures. Yes, the process of obtaining a bank loan is easier than a public sale, however, the role of a finance director is not to obtain the easiest available financing. New regulation requires bond issuers to disclose all new "material" financial obligations. Municipal bonds serve as a vehicle for "impact investments" and many investors want more information on the impact their investments can have. Fundamentals of Municipal Bonds (3rd Ed.). For decades, the issues surrounding disclosure in this $3.9 trillion market have vexed municipal bond borrowers and investors alike. Inadequate and inconsistent disclosure standards in the municipal bond market lead to billions of dollars of additional capital costs. Municipal Bond Disclosure. The role of a finance director is to obtain the most favorable financing This program will review the new regulations, what additional disclosures are required, and how local governments and their underwriters can maintain compliance with the new obligations in accordance with SEC Rule 15c2-12. Despite these adverse e ects of private debt, the municipal bond market may interpret such disclosures as positive news if they occur in times of high economic uncertainty such as the Covid-19. Municipal Bonds 101: Basics of Borrowing for Washington Local Governments. Our goal is ultimately to create efficiencies in the marketplace, helping governments improve their disclosure and lowering issuer borrowing costs. Issuers and obligated persons submit these disclosures based on contractual agreements established when a bond is issued. 1. The self-regulatory . U.S. Securities and Exchange Commission (SEC) Rule 15c2-12 requires dealers, when underwriting certain types of municipal securities, to ensure that the state or local government issuing the bonds enters into an agreement to provide certain information to the Municipal Securities Rulemaking Board (MSRB) about the securities on an ongoing basis. The Securities and Exchange Commission (SEC) Rule 15c2-12 obligates government bond issuers . DPC DATA has served the municipal bond marketplace with disclosure information and solutions since 1992. The self-regulatory organization recently received nearly 50 comment letters addressing that issue from state and local governments, asset managers, industry groups and others. For example, the rate of failure to file financial disclosures in 2009 was nearly 40 percent (Schmitt, 2011). Municipal bonds are debt securities issued by states, cities, counties and other governmental entities to fund . Northwestern Mutual Wealth Management Co. increased its stake in shares of BNY Mellon Municipal Bond Infrastructure Fund, Inc. (NYSE:DMB - Get Rating) by 31.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission.The institutional investor owned 32,834 shares of the company's stock after acquiring an additional 7,860 . While municipal disclosure practices have clearly improved in recent years as a result of ongoing pressure from regulators as well as from bond investors, the recent improving trend is being threatened by the current pandemic and the resulting healthcare and fiscal crises facing state and local governments. 206.858.5360. . By Tim Horstmann on April 25, 2017. Issuers of municipal bonds sold to the public en-ter into continuing disclosure agreements, prom-ising to provide certain annual financial . Municipal Bonds 101: Basics of Borrowing for Washington Local Governments. 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