The Securities and Exchange Commission used a combination of its antifraud authority and SEC Rule 15c2-12 in 2013 to raise the bar for issuers' secondary municipal market disclosures.

For several years, the SEC has sought legislative reform—including a repeal of the so-called "Tower Amendment"—that would allow it to directly regulate the timing, form, content and financial audit requirements for issuers' continuing disclosures. Thus far, however, Congress has not responded. ... 

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Municipal Securities Regulation and Enforcement
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