SEC and IRS will work jointly 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.
SEC and IRS will also share information as appropriate regarding market risks, practices and events related to municipal securities, among other things. In addition, the two agencies will collaborate on educational and other types of outreach efforts.
Mary Schapiro, chairman of SEC, said: “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.”
Doug Shulman, commissioner of IRS, 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.”
