SEC forces cities to reveal Wall Street loans with holdings surging

THE SEC has adopted amendments that obligates securities dealers to ensure that municipalities report updated financial information and material events to bondholders. The amendments will force the disclosure of loans incurred by municipalities, loan defaults and changes to financial covenants that affect bondholders within 10 business days. /BLOOMBERG NEWS FILE PHOTO/MICHAEL NAGLE
THE SEC has adopted amendments that obligates securities dealers to ensure that municipalities report updated financial information and material events to bondholders. The amendments will force the disclosure of loans incurred by municipalities, loan defaults and changes to financial covenants that affect bondholders within 10 business days. /BLOOMBERG NEWS FILE PHOTO/MICHAEL NAGLE
NEW YORK - The U.S. Securities and Exchange Commission moved to require states and local governments to disclose bank loans and privately placed debt, seeking to address concerns that bondholders are being left in the dark about a fast-growing segment of public finance. The SEC adopted amendments to a rule, known as 15c2-12, that obligates securities…

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