On May 27th, the SEC published new rule changes aimed at improving the quality and timeliness of municipal securities disclosure. Among other things, the amendments require that new issuances of variable rate demand obligations comply with Rule 15c2-12; require disclosure of events that may adversely affect a bond's tax exemption, including issuance by the IRS of proposed and final decisions about whether the bond can be taxed; and require the disclosure of certain events, such as unscheduled payments, rating changes, or a bankruptcy filing. The new rules are effective 60 days after publication in the Federal Register, which is expected during the week of June 7. Compliance is required on or before December 1, 2010. SEC Release No. 34-62184A; SEC Press Release. See also Schapiro Remarks; Aguilar Remarks; Paredes Remarks; Walter Remarks.