The Municipal Securities Rulemaking Board (MSRB), which writes the rules for the $2.8 trillion municipal bond market, may disclose issuer’s pension data, The Wall Street Journal reports. The move comes as public pensions around the country face increasing shortfalls, without regular and systematic compiling and disseminating of information about pensions.
The Securities and Exchange Commission (SEC), which enforces the rules the MSRB writes, in 2010 charged the state of New Jersey for not properly disclosing its pension liability to its bond buyers. The SEC will also unveil a series of new rules, covering a new fiduciary role for bond advisers, fair dealing, conflicts of interest in bond transactions and up-front disclosure of when a dealer is acting as an underwriter or an adviser on a transaction.
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