What is the primary purpose of the SEC Rule 15c2-12?

The primary purpose of SEC Rule 15c2-12 is to set disclosure obligations for underwriters involved in the municipal securities market. This rule requires underwriters to obtain certain disclosures before purchasing or recommending municipal securities. The goal is to ensure that investors have access to essential information about the securities, which helps them make informed investment decisions.

By mandating that issuers provide ongoing disclosure of financial and operating information, as well as notices of certain events that may affect investors, the rule enhances transparency and accountability within the municipal bond market. This commitment to improving the quality of disclosure helps to protect investors and improve market efficiency, as it aligns with broader regulatory efforts to promote transparency in financial markets.

The other options do not accurately reflect the main intent of the rule. For instance, while there are pricing and interest rate regulations in municipal finance, they are not the focus of Rule 15c2-12. Additionally, while bond issuance procedures exist, they are not the concern of this specific SEC rule. Thus, the identification of disclosure obligations for underwriters is central to understanding the regulatory framework that governs the municipal securities market.