If you are an Issuer of municipal debt, increased scrutiny of your 15c2-12 disclosures is the new normal.
DIVER from Lumesis is a cost-effective solution that can improve your disclosure transparency and ensure the best possible access to capital markets.
Specifially, Issuers need to be able to give Underwriters and the marketplace confidence that:
All representations in the POS/OS are accurate.
The Issuer will comply with their disclosure requirements going forward.
We recommend the following best practices:
Address the Past and Ensure Accuracy in the POS and OS Disclosure by conducting a detailed 15c2-12 five-year look-back analysis to understand filing obligations and identify missed filings.
Utilize a notification service to alert you in advance of upcoming filing obligations such as the Audit and Financial and Operating data.
Consider a statement in the new issue POS/OS regarding steps taken and the use of a notification/monitoring service for prospective filing obligations and post-filing 15c2-12 “refresh” to ensure filings are done properly.