Partner Jacquelynne Jennings was quoted regarding the U.S. Securities and Exchange Commission’s (SEC) interest in greater financial disclosures by municipal borrowers, as well as the benefit of “voluntary disclosure” by state and local governments.
“[The SEC] would like for municipalities to more mirror the corporate markets and provide information quarterly, which is not going to happen, but at least more frequently than annually,” she said.
Jacquelynne added that if municipal finance officials fall short in providing information to bond market participants, investors may look elsewhere to assess what is going on.
She said, “A lot of times doing a voluntary disclosure is the best chance that you have to present the facts in their proper context.”
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