Continuing Disclosure

Annual reports and EMMA filings under SEC Rule 15c2-12.

Overview

Stay current with your disclosure obligations

When a city, county, school district or other issuer sells certain municipal bonds, it agrees to give investors updated information for as long as the bonds are outstanding. Typically this applies to issues whose original amount was over $1 million, regardless of how much is left outstanding.

This continuing disclosure usually means preparing an annual report with financial and operating data and filing it with the Municipal Securities Rulemaking Board (MSRB) through its Electronic Municipal Market Access system (EMMA), in compliance with SEC Rule 15c2-12. A dependable process keeps your filing history clean for future bond sales.

  • Annual report preparation
  • Formatting and filing with EMMA/MSRB
  • Confirmation that your obligations have been met

At a glance

Applies toTypically bond issues originally over $1 million
Filed onEMMA, the MSRB’s public disclosure system
ContactHenry Schmidt

What we do

How we help

We take care of the annual cycle so your staff can focus on running the city.

Annual report preparation

We compile the financial and operating data your continuing disclosure undertakings call for.

EMMA filing

We format the report and file it with the MSRB through EMMA.

Compliance confirmation

We confirm that your obligations for each bond issue have been fulfilled.

Event notices

We can help you recognize events, such as rating changes, that may require a notice on EMMA.

Filing dates

We help you keep track of the filing dates set in each undertaking.

A clean record

An organized filing history makes the compliance review for future bond sales easier.

Our process

Step by step

A clear sequence, with your staff and governing body informed at every stage.

01

Review

We review the undertakings for your outstanding bonds to confirm what is required and when.

02

Gather

We collect the financial statements and operating data each undertaking calls for.

03

Prepare & file

We prepare the annual report and file it on EMMA.

04

Confirm

We confirm the filing and let you know your obligations have been met.

FAQ

Common questions

What is Rule 15c2-12?

An SEC rule that generally prohibits underwriters from buying or selling certain municipal bonds unless the issuer has agreed to provide continuing disclosure to investors. That agreement is your continuing disclosure undertaking.

The Electronic Municipal Market Access system, run by the MSRB, is the official public source for municipal disclosure documents. Investors use it to find information about your bonds.

Typically issues whose original amount was over $1 million, regardless of how much is currently outstanding. Your specific obligations are set out in each issue’s undertaking.

Certain events, such as payment delinquencies, rating changes or the incurrence of certain financial obligations, must be reported on EMMA, generally within ten business days.

Contact us. We can review your filing history and help you bring your disclosures up to date.

Talk to us about your project

Contact Henry Schmidt, call (316) 264-3400 or email info@ransonfinancial.com.