BDA Submits Comment Letter: SEC Rule 15c2-12

BDA submitted a comment letter to the SEC regarding its request for comment on SEC Rule 15c2-12. The BDA’s letter is accessible here.

The Commission solicited comments on the regulatory burden for underwriters and issuers associated with Rule 15c2-12 compliance. In addition, SEC requests comments on “ways to enhance the quality, utility, and clarity” of information collected pursuant to 15c2-12. BDA’s draft letter recommends several specific policy changes for the Commission to consider with respect to the rule

BDA’s letter recommends several specific policy changes for the Commission to consider with respect to Rule 15c2-12. The policy recommendations include:

  • Changing the timing of listed events
  • Altering filing requirements for audited financial statements
  • Eliminating the requirement for listed event notices for ratings changes
  • Providing obligated persons a more effective process for amending and updating financial and operating information filed pursuant to continuing disclosure agreements
  • In addition, BDA recommends improvements to EMMA and highlights confusion amongst issuers regarding their disclosure responsibilities