Municipal Securities Full Disclosure Act

[AI summary unavailable — showing source text] Municipal Securities Full Disclosure Act - Amends the Securities Exchange Act of 1934 to require preparation of an annual report by any issuer of municipal securities which has outstanding during any portion of a fiscal year an aggregate principal amount of municipal securities exceeding $50,000,000. Requires that such report contain specified information including: (1) identification and description of the issuer; (2) a description of the issuer's debt structure; (3) history of any default in payments of principal or interest; (4) description of issuers' tax authority and structure; and (5) a detailed financial statement. Requires that any issuer that offers or sells an issue of municipal securities shall prepare a distribution statement. Permits exceptions for offers or sales. Prescribes that such statement contain among other things: (1) a description of the offering, its price and plan of distribution; (2) a description of the security to be offered; (3) a description of intended use of the proceeds; and (4) a statement of counsel's opinion as to the legality of the offering. Exempts issuers in States with disclosure requirements conforming to the standards of this Act from rep…