The Securities and Exchange Commission (SEC) is seeking approval from the Office of Management and Budget to extend an existing collection of information under Rule 15c2-12, which involves municipal securities disclosure. This rule requires certain actions from underwriters, like obtaining important financial statements from municipal securities issuers before making transactions, and ensuring that issuers provide ongoing financial information to the Municipal Securities Rulemaking Board. The SEC estimates that it will take hundreds of thousands of hours per year for issuers, broker-dealers, and the MSRB to comply with the rule and that compliance will cost millions of dollars over the next three years. The public can view and comment on this request by early March 2025.
Simple Explanation
The Securities and Exchange Commission (SEC) wants to keep getting important money documents from people who sell special town and city bonds, and they need permission to keep doing this for three more years. They say this will take lots of people's time and money, and they want to know what others think before March 2025.