OVERVIEW

SEC Rule 15c2-12 requires underwriters of municipal bonds to perform “reasonable diligence” — a process that can be time-consuming, manual, and difficult to document.

SOLVE 15c2-12 Analysis changes that. Our solution automates the lookback and review process, covering annual filings, operating disclosures, rating changes, and bond calls over a five-year history. Users can drill down to the issue and CUSIP level, with all supporting documents and data accessible in one place.

Whether on negotiated or competitive deals, SOLVE helps firms complete their diligence efficiently, with transparent evidence that stands up to issuer, internal, and regulatory scrutiny.

15c2-12 Analysis Fact Sheet

Efficient, comprehensive and cost-effective SEC Rule 15c2-12 reasonable diligence.

View 15c2-12 Analysis Fact Sheet

Markets Covered

SEC Rule 15c2-12 Disclosures

Annual audits, financials, operating data

Material Events

Rating changes, bond calls, defaults, financial obligations

Issuer Types

States, municipalities, agencies, revenue issuers, and obligated persons

Deal Types

Competitive and negotiated municipal offerings

Benefits

  • Efficiency

    Automate five-year lookbacks and compliance checks across multiple deals.

  • Transparency

    Every audit, filing, and review is fully documented with source access.

  • Defensibility

    Provide compliance evidence that meets regulatory and issuer standards.

  • Risk Reduction

    Identify late or missing disclosures, rating changes, and bond calls before pricing.

  • Scalability

    Standardize diligence across desks and deals, saving time for bankers and advisors.

Use Cases

  • Pre-Pricing Checks

    Validate issuer disclosure history before taking a deal to market.

  • Underwriting Support

    Run compliance reviews on both competitive and negotiated offerings.

  • Ongoing Monitoring

    Track ratings changes and call events tied to disclosure obligations.

  • Advisory Services

    Provide issuers with a clear picture of compliance status.

  • Deal Documentation

    Generate defensible reports for internal teams, issuers, or regulators.

Features

  • Five-Year Lookback

    Automated review of disclosure history across audits, financials, and operating filings.

  • Ratings & Calls Review

    Monitor rating actions and bond call compliance alongside disclosures.

  • Issue & CUSIP Level Drill-Down

    Transparency from high-level summaries to individual obligations.

  • Document Access

    Direct links to source filings and supporting data.

  • Configurable Reporting

    Custom PDF outputs and deal file storage for complete documentation.

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15c2-12 Analysis