Post-Issuance Compliance

DAC's uniquely patented system allows issuers of municipal securities to meet both IRS and SEC required filings in a timely, reliable manner.

• Post Issuance Requirements:   The IRS has stated that organizations with outstanding tax-exempt bonds should have in place written policies for monitoring post-closing requirements, with proper record keeping for at least as long as they have bonds outstanding. As a result of these developments, DAC has created a monitoring and compliance system to assist issuers in establishing a best practice standard.
• Compliance Reporting:   To assure timely and accurate filing of all ongoing disclosure documents in accordance with SEC Rule 15c2-12, the DAC system provides issuers with:
  1. A footprint of the information disclosed in an issuer's official statement will be created. This allows the issuer to "mirror" the agreed upon disclosure information reliably and on a consistent basis over the life of the bond issue.
  2. Automatic reminders of reporting deadlines as stated in outstanding bond documents. This will prevent delays and/or missed deadlines.
  3. Coding all 9-digit CUSIP numbers associated with a particular bond issue to the recommended cover sheet of the Municipal Securities Rulemaking Board. This will help investors reconcile information matched to unique CUSIP numbers and eliminate confusion associated with abbreviated issue descriptions found on broker dealer confirmations.
  4. DAC will then simultaneously disseminate to each repository the recommended cover sheet and index each document filed on the DAC web site. This provides broker dealers recommending the securities with an efficient and reliable procedure for reviewing the filing information.
  5. Conversion of an Official Statement to PDF format allowing for the electronic distribution of the document on an as needed basis in the future.