Financial and Accounting Guide for Not-for-Profit Organizations, Eighth Edition 2014 Supplement

CHAPTER 34

Tax-Exempt Debt

34.3 The SEC's Role and Authority

(b) Disclosure Requirements for Municipal Issuers

(i) SEC Rule 15C2-12

34.4 Proposed Municipal Market Reforms

34.3 The SEC's Role and Authority

(b) Disclosure Requirements for Municipal Issuers

(i) SEC RULE 15C2-12

p. 650, partial paragraph at top of page, second to last sentence. Change the sentence to read: “An updated version of the Interpretive Release is expected to be released in the near future.”

34.4 Proposed Municipal Market Reforms

p. 653, second paragraph. Replace the last sentence with: “In July 2012, the SEC released a report providing their views on the municipal market and proposed possible changes to regulating the market.⁵”

p. 653. Add n. 5 to read:

p. 654. Replace the last sentence of the partial paragraph at the top of the page with: “The GAO's report was submitted to Congress in mid-2012.⁶”

p. 654. Add n. 6 to read:

⁵“Report on the Municipal Securities Market,” U.S. Securities and Exchange Commission, July 31, 2012, www.sec.gov/news/studies/2012/munireport073112.pdf.

⁶“Municipal Securities: Options for Improving Continuing Disclosure,” U.S. Government Accountability Office, July 19, 2012, www.gao.gov/products/GAO-12-698.