By Liu Yunzhong　

Date: 2004/07/15

Abstract:

In the US, no registration is required by the securities management authorities for issuing municipal bonds; the governing rules are the anti-fraudulence articles in Stock Act and relevant principles made by the Municipal Regulation Committee on Bond Issuance. Monitored by local supervision committee and/or management committee, the State and local governments have the authority to issue bonds on their own initiative without getting approval from the senior administrations. The local committees and members of these committees are fully responsible for their actions.