Issuers, Underwriters Urged to Heed NFMA Disclosure Advice

Hume, Lynn
May 2003
Bond Buyer;5/5/2003, Vol. 344 Issue 31628, p6
Trade Publication
Municipal issuers and underwriters in Chicago should pay close attention to the National Federation of Municipal Analyst's (NFMA) disclosure recommendations, because they are increasingly being viewed as standards for certain sectors of the market and may have some legal implications, a Securities and Exchange Commission (SEC) official and other panelists suggested on May 2, 2003 at the NFMA's 20th annual conference in Chicago.Martha Haines, chief of the SEC's office of Municipal Securities noted that, in a securities fraud case involving former Dain Rauscher Inc. banker Kenneth Ough, a three-judge panel of a federal appeals court ruled in June 2001 that industry standards should be taken into account in determining whether an underwriter has exercised &ldquo.reasonable prudence &rdquo.It would be ironic and unfortunate if investors in the municipal market were forced to pay for disclosure information when investors in the corporate market have free access to corporate disclosures on the SEC's Edgar system, he said.


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