The nation’s most advanced automated web-based platform designed to aid issuers in navigating their continuing disclosure obligations.

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Be Responsible. Be Proactive. Be Prepared.

Our Features

DisclosureCompliance offers issuers an enhanced platform for compliance and ongoing support for complying with the Securities and Exchange Commission ("SEC") Rule 15c2-12 ("Rule").

Policies and Procedures

DisclosureCompliance provides written documentation to comply with the SEC requirements ensuring the issuer has the necessary policies and procedures in place within the prescribed timeframe, as necessary.

Initial and Ongoing Training

DisclosureCompliance provides initial and ongoing training for individuals that are designated for reviewing and complying with the issuer's continuing disclosure obligations.

Continuing Education

DisclosureCompliance provides updates regarding recent SEC activities, settlements and press releases to ensure the issuer is current with market events. Additional training modules are provided as new information becomes available.

Monitoring and Notifications

DisclosureCompliance assists the issuer with ongoing monitoring of significant events through monthly online questionnaires to issuers and notifications sent to bond counsel, disclosure counsel, financial advisor, and dissemination agents, if any.

Preparing Annual Report

DisclosureCompliance prepares and/or disseminates Annual Reports, Audited Reports, Adopted Budgets, Interim Financials, as needed, and maintains complete and accurate records for all filings and submissions.

Web-Based Platform

DisclosureCompliance provides a platform with a centralized location of all reports, notices and proof of filings. The platform also functions as a database for all outstanding issuances to assist the issuer with monitoring and executing all continuing disclosure requirements.

About DisclosureCompliance

DisclosureCompliance is the nation’s first automated web-based platform designed specifically to ensure your agency adheres to the covenants made to bond holders in your continuing disclosure agreement(s) and meets the requirements of Securities and Exchange Commission (“SEC”) Rule 15c2-12. With over 20 years’ experience in helping our clients meet their continuing disclosure obligations, we designed our platform from the ground up to utilize best practices within the industry.

Moreover, we understand and believe in the importance of a cohesive synergy among agency team members. With this philosophy in mind, we designed one of its key features: our platform is strategically designed to proactively and automatically communicate with existing team members. Team members such as your Financial Advisor, Bond Counsel, Disclosure Counsel, and Underwriter are all integrated into the setup for complete transparency. An additional key feature of the platform is our monthly questionnaire that is designed to capture all relevant information and events occurring at the issuer level and reporting of such events, as needed, on a timely basis.

Lastly, we have first hand knowledge of the importance the SEC holds for items such as “book & records” and ongoing training. Our platform incorporates ongoing training for the designated compliance officer and provides updates on industry best practices. Should the issuer be subject to an SEC audit, the platform can provide detailed books & records of all reports submitted and proof of submission.

Our DisclosureCompliance platform will help meet all of your continuing disclosure obligations. Feel free to contact us for additional information or for a free demo.

Evolving History of Rule 15c2-12 – Continuing Disclosure

1/1990 January 1990

Securities and Exchange Commission ("SEC") adopted Rule 15c2-12 ("Rule") under the Securities Exchange Act of 1934.
11/1994 November 1994

The Rule prohibits the underwriter from purchasing municipal securities unless the issuer agrees to a Continuing Disclosure Agreement ("CDA").
11/1994 November 1994

SEC amended the Rule requiring bond issuers to prepare and provide ongoing disclosure.
11/1994 November 1994

CDA obligates the issuer to prepare and disseminate annual financial, operating date information and notices of material events ("Event Notices") as detailed in the Official Statement.
11/1994 November 1994

The Rule obligates issuers to disclose in all Official Statements its past compliance with its continuing disclosure requirements for the previous five (5) years.
7/2009 July 2009

All filings relating to the Rule must be submitted to the Electronic Municipal Market Access ("EMMA") system.
12/2010 December 2010

SEC further amended the Rule and established a timeliness standard for submission Event Notices to EMMA no more than 10 business days from occurrence.
7/2012 July 2012

The SEC, as released in its Municipal Market Report, is of the opinion that many issuers have failed to comply with their continuing disclosure obligations and that federal securities law violations involving false statements concerning such compliance may be widespread.
3/2014 March 2014

SEC announced a new self-reporting initiative, the Municipalities Continuing Disclosure Cooperation Initiative ("MCDC Initiative").
2/2016 February 2016

SEC concluded its final round of enforcement actions against underwriters under the MCDC Initiative. In all, 72 firms that make up 96% of the market share of municipal underwritings paid approximately $18 million in settlements.
2/2016 February 2016

The Government Finance Officers Association ("GFOA") issued an alert that the SEC has begun reaching out to issuers who participated in the MCDC Initiative urging municipal issuers (regardless of whether or not they have participated in MCDC) to be prepared for tight settlement turnaround times.

Additional changes to the Rule, new regulations and increased SEC audits are anticipated to ensue in the near future. Issuers of municipal debt can expect increased scrutiny from the SEC, other regulatory agencies and investors in regards to compliance with their continuing disclosure obligations.

The nation’s most advanced automated web-based platform designed to aid issuers in navigating their continuing disclosure obligations.

Online Access

Be Responsible. Be Proactive. Be Prepared.

Policies and Procedures

Initial and Ongoing Training

Continuing Education

Monitoring and Notifications

Preparing Annual Report

Web-Based Platform

Securities and Exchange Commission ("SEC") adopted Rule 15c2-12 ("Rule") under the Securities Exchange Act of 1934.

The Rule prohibits the underwriter from purchasing municipal securities unless the issuer agrees to a Continuing Disclosure Agreement ("CDA").

SEC amended the Rule requiring bond issuers to prepare and provide ongoing disclosure.

CDA obligates the issuer to prepare and disseminate annual financial, operating date information and notices of material events ("Event Notices") as detailed in the Official Statement.

The Rule obligates issuers to disclose in all Official Statements its past compliance with its continuing disclosure requirements for the previous five (5) years.

All filings relating to the Rule must be submitted to the Electronic Municipal Market Access ("EMMA") system.

SEC further amended the Rule and established a timeliness standard for submission Event Notices to EMMA no more than 10 business days from occurrence.

The SEC, as released in its Municipal Market Report, is of the opinion that many issuers have failed to comply with their continuing disclosure obligations and that federal securities law violations involving false statements concerning such compliance may be widespread.

SEC announced a new self-reporting initiative, the Municipalities Continuing Disclosure Cooperation Initiative ("MCDC Initiative").

SEC concluded its final round of enforcement actions against underwriters under the MCDC Initiative. In all, 72 firms that make up 96% of the market share of municipal underwritings paid approximately $18 million in settlements.

The Government Finance Officers Association ("GFOA") issued an alert that the SEC has begun reaching out to issuers who participated in the MCDC Initiative urging municipal issuers (regardless of whether or not they have participated in MCDC) to be prepared for tight settlement turnaround times.

In today’s chaos of financial oversight and ever-changing legislative pursuits, are you complying with your continuing disclosure obligations?