In late 1994, the United States Securities and Exchange Commission (SEC) issued new rules applicable to issuers of municipal securities (including school districts) concerning disclosure to the investment community. Describes how SEC's existing Rule 15c2-12 has been implemented. Discusses its purpose, jurisdiction, obligated persons, written undertaking, enforcement, exemptions and exceptions, competitive bidding, material event notices, antifraud provisions, and annual reports. Two figures are included. (LMI)