Municipal Securities

SEC - Municipal Securities Cases and Materials: Supplemental Text (2004 - 2010 Cases) - sec.gov/municipal/municase07

2012 01 - GAO - Municipal Securities: Overview of Market Structure, Pricing, and Regulation, Government Accountability Office
- gao.gov///gao-12-265
- Full Report: 91p

Many critically important aspects of American life, from airports to sewers and schools to hospitals, depend on the municipal securities market for financing.
All bonds, notes and other debt securities issued by states and local governments and their respective agencies and instrumentalities are “municipal securities.”

2007 0726 - SEC / COX - Disclosure and Accounting Practices in the Municipal Securities Market, Securities and Exchange Commission - 12p

2012 0731 - SEC - Report on the Municipal Securities Market, Securities and Exchange Commission - 165p
- Credit ratings for municipal securities are generally provided by one or more of three NRSROs - Moody’s, Fitch, and S&P and reflect a professional assessment of an issuer’s ability
  to meet its financial obligations.²⁹⁵ Ratings issued by these organizations are ordinarily paid for by the issuer (known as “issuer pay” models).²⁹⁶
- (p136) - Moreover, as discussed in the Report, the significant reduction in the use of financial guarantee insurance (bond insurance) for municipal securities means that there is a greater need for more information on the underlying conduit borrower, so that investors have the ability to evaluate their investment and exposure to the conduit borrower.