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August 1, 2014

Re:       Deadline for Compliance with SEC’s Secondary Bond Market Continuing Disclosure Commitments Extended

Dear Mayor:

Yesterday, the Securities Exchange Commission’s (SEC) announced that the deadline for issuers and borrowers to comply with the Secondary Bond Market Continuing Disclosure Commitments has been extended to December 1, 2014

On July 24 we advised you that the SEC adopted a program to encouraged local government issuers to self-identify past noncompliance and improve timely continuing disclosure in the future.  Under the “Municipalities Continuing Disclosure Cooperation Initiative” local governments had until September 10 to proactively take steps to self-identify their own levels of compliance with Continuing Disclosure Agreements if they have outstanding debt and consult their public finance officials during this process to, among other things, determine if it is advisable to participate in the SEC’s program.     (See our July 24 Dear Mayor Letter).

Also, on August 14 we will be holding a webinar on the “Secondary Bond Market Continuing Disclosure Commitments” from 10:30 a.m. to 11:45 a.m.   Thomas Neff, Director, Division of Local Government Services, Edward McManimon, III, Esq., McManimon, Scotland & Baumann and Noreen White, Co-President, Acacia Financial Group will discuss the SEC program, the recent Local Finance Notice 2014-9 from the Division of Local Government Services, and the proper actions Municipalities should take.   To register please complete and return the form available at http://njslom.org/seminar-documents/Registration-Form-Bond081414.pdf.  Please note that the following CEUs for this webinar CMFO/CCFO – 1.5 Fin/Debt Mgmt, and CPA – 1.5 SEC Practice. Please share and discuss this letter with your Chief Financial Officer and Bond professionals.

If you have any questions or need additional information please contact Lori Buckelew, Senior Legislative Analyst, at 609-695-3481 x112 or lbuckelew@njslom.com.

Very truly yours,

William G. Dressel, Jr.
Executive Director

 

 

 

 

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