About Us

DAC Bond

Post-Issuance Securities Compliance

Post-Issuance Tax Compliance

Who we are

  • Digital Assurance Certification, LLC (or "DAC"), formerly an affiliate of Ernst & Young, LLP, provides post-issuance securities and tax compliance services to municipal securities market participants, and operates an integrated disclosure repository for obligors' municipal and direct/taxable bond issues.
  • To assist our issuer and obligor clients in complying with municipal bond disclosure requirements under SEC Rule 15c2-12, we provide industry-leading dissemination and compliance technology services, such as compliance templates for operating and financial data, reminders of critical filing deadlines, rating change alerts, and model policies and procedures. Training is also provided through our CPE-approved webinars, taught by leading experts.
  • Issuers and obligors who engage DAC as their dissemination agent are entitled to use the "DAC seal" on their municipal bond offering documents. The DAC seal signifies to brokers-dealers that they can rely on DAC's 2001 SEC no-action letter under Rule 15c2-12 when recommending purchases and sales of municipal bonds in the secondary market. DAC clients may request a "Certificate of Compliance" certifying their compliance during the past five years with prior continuing disclosure undertakings.
  • Underwriters, municipal advisors and bond lawyers use DAC's Compliance Review Services to assist them in the process of producing or reviewing municipal bond offering documents to determine whether remedial action and additional disclosures are needed in connection with past disclosure failures.
  • DAC assists its issuer and obligor clients in complying with their post-issuance tax compliance requirements by providing post-issuance record retention services and software which allows clients not only to track and model private business use, but also to prepare Schedule K to Form 990 for non-profit obligors.
  • For obligors such as hospital systems, universities and other non-governmental entities that incur debt through both municipal bond and direct/taxable offerings, DAC offers an integrated repository for seamless disclosure of obligors' municipal DAC Bond issues as well as non-municipal direct/taxable issues, all in one place for centralized disclosure to investors.