Practical Considerations in Electronic Disclosure by State and Municipal Bond Issuers

Stacey Crawshaw-Lewis, Glenn Weinstein, David Y. Bannard and Erich Schmitz

Municipal Finance Journal, 2019, vol. 40, issue 3, 27 - 54

Abstract: State and municipal bond issuers increasingly use electronic media to communicate with their various constituents, including investors. Issuer websites, multimedia investor presentations, and social media can be used to share financial and other information of interest to institutional, retail, and other bond investors quickly and widely. Issuers see benefits in providing additional bond investor information through these and other electronic media channels and also seek guidance in effectively navigating applicable securities law requirements. This article identifies practical considerations in the use of electronic media in light of the antifraud requirements under the federal securities laws that apply when issuers provide financial or operating information reasonably expected to reach bond investors. Sample procedures reflecting these considerations are included in an appendix.

Date: 2019
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