SEC Rule 15c2-12

Complete Solutions to Support Municipal Underwriting Diligence Obligations
and Disclosure Management for Issuers

  • For Underwriters: Efficiently and effectively meet your “reasonable diligence” requirement.
  • For Issuers: Manage disclosure obligations, ensure POS/OS Representations are accurate and provide confidence to the market that you have the tools for continued compliance.
  • For Municipal Advisors and Counsel: Help clients manage disclosure obligations and perform a comprehensive Rule 15c2-12 analysis as your client prepares to come to market.

Pre-Deal Analysis and Reasonable Diligence

  • Review of all deals outstanding at any point in the last five years for all obligations
  • Analysis of the Audit, Financial and Operating Filings, Rating Changes and Bond Calls for Compliance with the associated filing obligations
  • Obligor, Issue and CUSIP level analysis
  • Access to data used in the analysis
  • Analysis storage/PDF output
  • Consistent Rule 15c2-12 diligence process

Disclosure Management

  • Review all deals outstanding at any point in the last five years for all obligations
  • Catalogue and Database All Obligations
  • Pre-Market Rule 15c2-12 Review
  • Analysis of the Audit, Financial and Operating Filings, Rating Changes and Bond Calls for Compliance with the associated filing obligations
  • Obligor, Issue and CUSIP level analysis
  • Supports Accuracy in New Issue Disclosures and for Corrective Filings

Ongoing Disclosure Management

  • Dashboard and Detailed View of Current Year Obligations and Status
  • Includes Financial/Operating Data Requirements
  • Identifies all Issues and Debt Subject to the Disclosure Requirement
  • Alerts for Audit, Financial/Operating Data and Rating Change Filing Requirements
  • Delivers Email Alerts at Set Intervals from Due Dates
  • Post-Filing Analysis to Ensure Filings Done Properly
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Underwriters Are Facing New Challenges

We believe that Municipal Underwriters should be able to efficiently perform their 15c2-12 reasonable due diligence obligations, and not limit the number of deals they bid.

The current market environment combined with renewed regulatory focus has increased pressure on Underwriting teams.

DIVER Underwriter was designed to alleviate those pressures, manage risk and increase efficiency.

Read a Case Study