Yesterday the Securities and Exchange Commission and the Internal Revenue Service entered into a Memorandum of Understanding (MOU) outlining the cooperative efforts the two agencies will undertake to ensure regulatory compliance by the municipal securities industry. The press release accompanying the MOU stated that . . .
"[t]he SEC and IRS will work cooperatively 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/Munipal Securities Committee to discuss policy, procedures and compliance issues."
The press release and MOU can be found at the link below.
http://www.sec.gov/news/press/2010/2010-30.htm
