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State Bond Commission runs annual disclosure training; EMMA and SEC rules emphasized
Summary
Disclosure counsel and bond-office staff delivered the commission's annual disclosure training, reviewing primary vs. continuing disclosure, SEC rules 10b‑5 and 15c2‑12, and EMMA filing deadlines and working-group responsibilities.
The State Bond Commission received its required annual disclosure training during the Feb. 19 meeting, with staff reviewing primary-market and continuing disclosure obligations, investor-relations practices, and the mechanics of posting disclosures to EMMA, the municipal market repository.
Jessica Munoz of the State Bond Commission opened the session and framed it as "part of our annual training required under Disclosure Policies and Procedures that was adopted on 10/20/2022." Presenters (disclosure counsel and bond-office staff) explained that primary disclosures appear in the official statement at bond pricing while continuing disclosure consists of annual updates to Parts 1 and 2 and event-based notices required by SEC Rule 15c2‑12. Counsel also summarized the issuer's obligations under SEC Rule 10b‑5 to avoid untrue statements or omissions of material fact.
Presenters demonstrated EMMA (Electronic Municipal Market Access) as the public posting site for official statements, annual filings and event notices and noted typical filing timelines: annual reports per continuing-disclosure agreements and event notices generally within 10 business days of the specified event. Staff warned against selective or informal disclosure—examples included social-media posts that investors might treat as market statements—and reminded agencies that agencies contributing to Parts 1 and 2 must provide signed certificates so the treasurer can sign the official statement.
Tiffany Trust Claire and Garrett Gameloz joined the presentation to walk through the parts of an official statement and the disclosure working-group responsibilities (treasurer's office, State Bond Commission staff, Division of Administration, attorney general's office, senate and house representatives, and DOTD when applicable). Presenters said the working group will begin Part 1 and 2 updates the following week to prepare preliminary official statements for upcoming transactions.
The training concluded after questions; staff remained available to follow up on agency updates and certificate preparation.
Sources: Disclosure counsel and State Bond Commission presentation during Feb. 19, 2026 meeting.
