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information.
US To Police Tax-Exempt Bond Market,
by Glen Shapiro, LawAndTax-News.com, New York
Thursday, March 04, 2010
The US Securities and Exchange Commission (SEC) and the Internal
Revenue Service (IRS) have agreed to work more closely to monitor and
regulate the municipal bond market and industry.
SEC Chairman Mary Schapiro and IRS Commissioner Doug Shulman on
March 2 signed a Memorandum of Understanding (MoU) designed to improve
compliance with SEC and IRS rules and regulations related to municipal
securities. The muni bond market currently totals about USD2.8 trillion
in outstanding securities and continues to grow in complexity and size.
"Through cooperative relationships like this, we are better
positioned to protect investors and ensure they are getting the
information they need when investing in municipal securities," Schapiro
said.
"This memorandum reflects the commitment both agencies have in using
all means possible to ensure the municipal bond market operates in
accordance with all the laws that govern it," Shulman added.
The SEC and IRS will cooperate to identify issues and trends related
to tax-exempt bonds in the municipal securities industry and to develop
strategies to enhance performance of their respective regulatory
responsibilities. To support this effort, the two agencies will work
through a standing Tax Exempt Bond/Municipal Securities Committee to
discuss policy, procedures and compliance issues.
The SEC and IRS will also share information as appropriate regarding
market risks, practices and events related to municipal securities,
among other things.
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