Improving the Disclosure and Financial Reporting Regime in California

Mark B. Campbell

Municipal Finance Journal, 2019, vol. 40, issue 3, 55 - 61

Abstract: Issuers of municipal securities are subject to federal and state reporting requirements intended to provide timely and comprehensive disclosures to investors, analysts, and other market participants. The cost of providing buyers and sellers of bonds with “perfect” information continues to rise as disclosure rules change and the administrating agencies adopt new reporting regimes and technologies. California issuers are required to report to multiple agencies using different report forms, different data rules, and a variety of technologies. This has increased the burden and cost of disclosure and financial reporting. Worse still, it has produced data that are not internally consistent or easily reconciled. These agencies must adopt a uniform data taxonomy and seek to achieve their purposes in a collaborative way that lowers the cost of disclosure and reporting and improves the value of the data.

Date: 2019
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