While the U.S. Securities and Exchange Commission (SEC) and California Debt and Investment Advisory Commission (CDIAC) endeavor to increase transparency in the municipal bond market, their efforts have resulted in a significant regulatory burden to municipalities and other obligated parties. With the staffing constraints and turnover typical of most public agencies, allocating valuable resources to stay current on reporting requirements and providing updates to investors tend to distract staff from vital day-to-day operations.

NHA Advisors’ Continuing Disclosure Compliance Group provides ongoing reporting, guidance, and education to alleviate this burden and help its clients navigate the ever-changing regulatory landscape. NHA’s multi-tiered quality review and reporting process provides stability to help ensure consistent and compliant disclosure. In addition, NHA’s search engine processing software actively monitors rating agency websites and media publications for rating changes and other key investor decision points to help ensure timely disclosure of event notices.

As part of NHA’s comprehensive solution, we offer a full array of continuing disclosure compliance services as well as a variety of other compliance services as shown below:

MSRB Continuing Disclosure Compliance Services
  • Prepare Annual Reports & Significant Event Notices
  • Monitor Rating Changes & Other Significant Events
  • Notification of Approaching Due Dates
  • Post Annual Reports, Event Notices & Other Documentation to EMMA
  • Provide Annual Report to Third-Parties (as Detailed in Continuing Disclosure Certificates)
  • Submit Annual Post-Submission Confirmation Letter to Client
  • Maintain Database of Historical Continuing Disclosure Compliance
  • Review Draft Continuing Disclosure Certificates & Provide Recommendations
  • Assist with Preparation of Statement of Compliance in Official Statements
  • Provide Ongoing Client Education & Guidance
Additional Disclosure Compliance Services
CDIAC Reporting

  • Annual Debt Transparency Reports (SB 1029)
  • Mello-Roos Yearly Fiscal Status Reports
  • Marks-Roos Yearly Fiscal Status Reports
Private Placement Debt and Other Loan Reporting
Historical Continuing Disclosure Compliance Audit & Remediation

  • Review Continuing Disclosure Certificates
  • Prepare Summary of Disclosure Requirements
  • Audit Historical Continuing Disclosure Compliance for Official Statements
  • Prepare and File Missing or Incomplete Reports, Data and Significant Event Notices
  • Prepare Report Summarizing Findings and Remedies
Continuing Disclosure Report Template Preparation
Post-Issuance Compliance Education

  • Educate Issuer on its Disclosure Requirements
  • Provide Introduction to the EMMA Website and Document Submission Process

NHA’s professionals have served a variety of issuers and prepared disclosure reports for a wide range of obligations, some of which include:

NHA offers Continuing Disclosure Services

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