What is one of the main factors that a comprehensive post-issuance compliance program should reflect?

A comprehensive post-issuance compliance program is crucial for ensuring that all obligations related to compliance with bond issuance are met effectively. One of the main factors that this program should reflect is the size, resources, and borrowing frequency of the issuer.

This aspect is important because larger issuers often have more complex financial structures, regulatory requirements, and compliance needs compared to smaller issuers. The resources available to the issuer directly impact their ability to implement and maintain compliance programs adequately. Additionally, the frequency with which the issuer borrows influences how robust and dynamic the compliance process needs to be. Regular borrowing may require a more sophisticated compliance regimen to address ongoing obligations versus one-time issuers who may not need as extensive a program.

Understanding this helps ensure that the compliance program is tailored to the specific circumstances of the issuer, creating efficient monitoring and reporting processes that align with their operational realities.