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Continuing Disclosure Requirements

The Rule
Rule 15c2-12 of the Securities Exchange Act of 1934 requires that issues of certain municipal securities issued after July 3, 1995, and not otherwise exempt from the Rule, to agree in writing when those securities are issued, to provide certain information to the market place for the life of the issue. The information that is agreed to be provided on a continual basis is commonly referred to a continuing disclosure. Under the Rule, it is unlawful for a municipal securities broker/dealer to act as an underwriter of an issue of municipal securities unless the broker/dealer has reasonably determined that the issuer, or its designated agent, has undertaken in a written agreement to provide such continuing disclosure. Information relating to continuing disclosure is to be provided to the marketplace through the MSRB's Electronic Municipal Market Access (EMMA) website.
www.emma.msrb.org/.