Municipal Issuer

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Municipal Issuer

A local, provincial or state government that issues a bond. Municipal issuers seek to raise capital for improvements in infrastructure or other aspects of the municipality. For example, a city or school district may issue a bond to build a new school or a new playground. Bonds from municipal issuers are exempt from federal income taxes and sometimes from state and local taxes as well. Risk varies with the issuer and the particular type of municipal bond.
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is a financial services firm and registered investment adviser that provides advice and tailored solutions for municipal issuers, institutions, broker-dealers, and individuals.
Clayton said there is an "aspect of the municipal securities market that I believe can and should be improved for the benefit of our Main Street investors: disclosure about the timeliness--or lack thereof --of municipal issuer financial information." In his comments, Clayton also acknowledged the Tower Amendment, which expressly limits the authority of the SEC and the Municipal Securities Rulemaking Board (MSRB) authority to require municipal issuers to file any document with the SEC or MSRB before the issuer sells any municipal securities.
(52) The final GAO report "examin[cd] (1) municipal security trading in the secondary market and the factors that affect the prices investors receive, and (2) the Securities and Exchange Commission's (SEC) and self-regulatory organizations' (SRO) enforcement of rules on fair pricing and timely reporting." (53) As part of this report, GAO noted that municipal issuers' disclosures were sometimes outdated and incomplete.
Fitch recognizes that direct lending can be a useful tool for municipal issuers. Direct placements and direct borrowings require less time to execute and can be structured to suit project time lines or repayment considerations.
Violating bond agreements could prevent other municipal issuers from accessing capital markets at reasonable rates.
The SECs Enforcement Division uncovered the violations as part of a review of municipal issuers and underwriters that did not voluntarily self-report under the agencys Municipalities Continuing Disclosure Cooperation (MCDC) Initiative.
(34) Later amendments created some heightened requirements for entities in the municipal securities business, (35) but they still expressly limited the SEC's authority over the municipal issuers themselves.
* SEC Smacks 71 Municipal Issuers for Muni Bond Violations
municipal issuers and another system for all other asset classes.
and municipal issuers. In addition, MoodyEeA[sup.3]s revised the outlook of the
It added that a mutual bond insurer sponsored by NLC would likely face fewer start-up risks, given its broad access to municipal issuers.
The authors will then examine the market's reaction to the troubles experienced by municipal issuers, particularly through the timing of mutual fund investors entering and exiting the municipal bond category.

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