Municipal Securities Full Disclosure Act

Summary

Municipal Securities Full Disclosure Act - Amends the Securities Exchange Act of 1934 to require preparation of an annual report by any issuer of municipal securities which has outstanding during any portion of a fiscal year an aggregate principal amount of municipal securities exceeding $50,000,000. Requires that such report contain specified information including: (1) identification and description of the issuer; (2) a description of the issuer's debt structure; (3) history of any default in payments of principal or interest; (4) description of issuers' tax authority and structure; and (5) a detailed financial statement. Requires that any issuer that offers or sells an issue of municipal securities, the aggregate principal amount of which exceeds $5,000,000, shall prepare a distribution statement. Permits exceptions for offers or sales. Prescribes that such statement contain among other things: (1) a description of the offering, its price and plan of distribution; (2) a description of the security to be offered; (3) a description of intended use of the proceeds; and (4) a statement of counsel's opinion as to the legality of the offering. Requires that such reports and statements shall be available to the security holder at the issuer's expense and shall be maintained at a designated location for examination by the public.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 17 February 1976

   Introduced

   Referred to Senate Committee on Banking, Housing and Urban Affairs.

   Source: IntroReferral

2. 17 February 1976

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 17 February 1976

  Open at official source

Sponsors

• Sen. Williams, Harrison A., Jr. [D-NJ] · D · Sponsor
• Sen. Tower, John G. [R-TX] · R · Cosponsor
• · ssbk00 · Standing

Related records

• related to → Municipal Securities Full Disclosure Act