Who is responsible for providing continuing disclosures after the offering?

• A. The municipal securities exchange.
• B. The investment adviser.
• C. The rating agency.
• D. The issuer.

Answer: (D)

Continuing disclosures after an offering are the issuer’s responsibility. Issuers must provide annual financial information and timely notices of material events to the market through EMMA, as required by SEC Rule 15c2-12 (implemented through MSRB rules). The underwriter’s role is to obtain and monitor the issuer’s continuing-disclosure undertaking during the issuance, not to furnish the ongoing disclosures themselves. Rating agencies and exchanges don’t bear the issuer’s continuing-disclosure obligation; they have other functions in the market. So the issuer is the responsible party.