Insurance Draws Spark Disclosure Worries

Ackerman, Andrew
July 2010
Bond Buyer;7/15/2010, Vol. 373 Issue 33350, p1
Trade Publication
The article focuses on the concerns of municipal bond analysts regarding the move of issuers to draw on bond insurance to pay for debt service without any disclosure of action to investors in the U.S. Mark Stockwell, chairman of the National Federation of Municipal Analysts, stresses the need for a disclosure whenever an issuer failed to pay debt service. But under the Securities and Exchange Commission's Rule 15c2-12, such disclosure can only be required when the action is substantial.


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