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

  • Defense
    The U.S. Army Corps of Engineers and the National Geospatial-Intelligence Agency (NGA) reveal concept renderings for the Next NGA West (N2W) campus from the design-build team McCarthy HITT winning proposal. The entirety of the campus is anticipated to be operational in 2025.

    How NGA is tackling interoperability challenges

    Mark Munsell, the National Geospatial-Intelligence Agency’s CTO, talks about talent shortages and how the agency is working to get more unclassified data.

  • Veterans Affairs
    Veterans Affairs CIO Jim Gfrerer speaks at an Oct. 10 FCW event (Photo credit: Troy K. Schneider)

    VA's pivot to agile

    With 10 months on the job, Veterans Affairs CIO Jim Gfrerer is pushing his organization toward a culture of constant delivery.

Stay Connected

FCW INSIDER

Sign up for our newsletter.

I agree to this site's Privacy Policy.