Survey Shows Issuer Disclosure Problems, Draws Fire

Hume, Lynn
May 2003
Bond Buyer;5/19/2003, Vol. 344 Issue 31638, p6
Trade Publication
The article presents findings of an informal survey according to which many issuers are not complying with their secondary market disclosure obligations in the United States. According to DPC Data Inc. president Peter Schmitt, issuers have no incentives to comply, and the U.S. Securities and Exchange Commission's Rule 15c2-12 on disclosure is flawed and should be overhauled. DPC Data is one of the four existing nationally recognized municipal securities information repositories charged with collecting and indexing issuers' disclosure documents. Under the rule, issuers must annually file financial and operating information however they can set their own deadlines for the filings.


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