Municipal Securities Regulation
Municipal securities are not subject to the regulatory pattern applicable to corporate securities. The Securities and Exchange Commission (SEC) does not have the same regulatory authority over either municipal securities offerings or continuing disclosure by municipal issuers or borrowers. In addition, the SEC, and to a more significant degree, the Municipal Securities Rulemaking Board (MSRB) are subject to certain explicit restrictions against devising regulations for municipal securities issuers. Nevertheless, there are legal and market requirements of accuracy and completeness in disclosure of important information ...
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