SEC Chair Jay Clayton urged federal, state and local public finance officials to continue their efforts to improve municipal issuer financial reporting and disclosures.
In remarks before the Government Finance Officers Association ("GFOA") Mini-Muni Conference, Mr. Clayton emphasized the importance of clear disclosures for Main Street investors and transparency regarding the timing of annual financial reporting. Mr. Clayton expressed support for several recent initiatives to address these concerns, including:
- the MSRB's proposal to more prominently display the timing of annual financial disclosures on its Electronic Municipal Market Access system; and
- the Office of Municipal Securities' staff legal bulletin on the application of federal securities laws to various disclosure scenarios.
Separately, Mr. Clayton urged the GFOA to continue to work to ensure a smooth transition away from LIBOR as a benchmark reference rate.
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