Disclosure Counsel

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Kutak Rock is consistently listed in the top five U.S. law firms acting as disclosure counsel, serving specifically as disclosure counsel for more than 1,100 issues for municipal and state governments in aggregate of more than $49 billion since January 1, 2007, as ranked by Thomson Reuters. Whether preparing official statements or offering memoranda, or conducting due diligence investigations associated with such disclosure documents, we have the practical knowledge and extensive experience to efficiently and promptly perform the  activities required for the drafting of the disclosure documents to be used with the marketing and sale of municipal bond issues.

With scrutiny of municipal disclosure increasing rapidly, we provide our clients with innovative solutions to the increased disclosure burdens being placed on municipal issuers. Our national footprint and disclosure-orientated teams ensure that  our clients have the benefit of the latest and best practices to any number of disclosure issues, such as secondary market disclosure procedures imposed on underwriters of municipal securities pursuant to Rule 10b-5 (the Rule) or submission of continuing disclosure information to the MSRB’s Electronic Municipal Market Access (EMMA). We are experienced at evaluating the least costly method for clients to satisfy their continuing disclosure undertakings pursuant to the Rule and working to maintain compliance at a minimum of cost to the issuer.

A major dimension of Kutak Rock’s experience as disclosure counsel is our record of having served as underwriter’s counsel for every major national and most regional investment banking firms producing official statements and offering memoranda while engaged by the underwriter, rather than the issuer as disclosure counsel.