SEC: Municipalities Should Disclose Y2K Info in Bond Issues

The Securities and Exchange Commission is advising local governments to disclose their Year 2000 programming activities when issuing municipal bonds. "We are trying to remind them that Y2K problems may be material to investors and that municipalities should think about that when making disclosures," said Paul Maco, director of the SEC's Office of Municipal Securities.

In the next few weeks, the SEC will issue guidance on current disclosure and anti-fraud laws as they relate to municipal Year 2000 activities, Maco said. "The only authority we have over municipalities is under our anti-fraud provisions," he said. "What we are endeavoring to do is to give a heads-up advisory to all issuers so [that] they think about Y2K issues as they may come into play in their disclosures as mandated by anti-fraud laws."

Featured

  • Cybersecurity

    DHS floats 'collective defense' model for cybersecurity

    Homeland Security Secretary Kirstjen Nielsen wants her department to have a more direct role in defending the private sector and critical infrastructure entities from cyberthreats.

  • Defense
    Defense Secretary James Mattis testifies at an April 12 hearing of the House Armed Services Committee.

    Mattis: Cloud deal not tailored for Amazon

    On Capitol Hill, Defense Secretary Jim Mattis sought to quell "rumors" that the Pentagon's planned single-award cloud acquisition was designed with Amazon Web Services in mind.

  • Census
    shutterstock image

    2020 Census to include citizenship question

    The Department of Commerce is breaking with recent practice and restoring a question about respondent citizenship last used in 1950, despite being urged not to by former Census directors and outside experts.

Stay Connected

FCW Update

Sign up for our newsletter.

I agree to this site's Privacy Policy.