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SEC Chair Clayton Provides Guidance on Coronavirus Disclosure

Bracewell’s Paul Maco recently discussed corporate disclosure requirements under the cloud of the COVID-19 crisis with The Bond Buyer.

“It’s often been quite useful for issuers of municipal securities and their advisors to look to the corporate disclosure requirements as a means of evaluating and assessing the disclosure that they may choose to make either voluntarily or in an offering document when accessing the market,” Maco told The Bond Buyer.

He added that issuers too would have liked to see an update to the SEC’s 1994 interpretive guidance that said any information could potentially violate the securities laws, even if the information was not published specifically for public consumption. Maco also said he would be surprised if the SEC spoke on municipal disclosure and COVID-19 specifically, but said it would be welcome if the commission chose to do so.

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