How do the amendments to Rule 15c2-12 affect small entities?
The amendments apply directly to any broker, dealer, or municipal securities dealer that acts as a Participating Underwriter in a primary offering of municipal securities with an aggregate principal amount of $1,000,000 or more and indirectly to issuers of such securities. As discussed in the Adopting Release, based on a review of industry sources, the Commission does not believe that any Participating Underwriters would be small broker-dealers or municipal securities dealers. Small issuers will be affected by the amendments, but many small issuers will continue to be eligible for the limited exemption currently available for small offerings.
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