Method and apparatus for managing information and communications related to municipal bonds and other securities

• US 20060277133A1
• Filed: 08/07/2006
• Published: 12/07/2006
• Est. Priority Date: 04/25/2002
• Status: Abandoned Application

• Current Assignee: Digital Assurance Certification LLC
• Original Assignee: Digital Assurance Certification LLC
• Inventors: Hebbar, Sharda, Camchong, Mario
• Application Number:
  US11/499,767
• Publication Number:
  US 20060277133A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/10 Tax strategies

Abstract

The present invention is a method and apparatus for gathering information from issuers of municipal securities and distributing information evenly to municipal disclosure repositories, regulatory bodies and the public. A central aspect of the present invention is a computer application, which can be implemented on a computer system that is attached to a network of computers and other communication devices, such as the Internet. Initially, the application accepts the full name description of a particular municipal security issue, together with a unique identifier assigned by CUSIP. The system grants a secured and encrypted user id and password to the issuer enabling the issuer to enter ongoing information about the issue. This information may include annual audits of the issuer, certain operating data, and any event notices deemed material by the issuer. Such information is provided to comply with the contractual obligations of the issuer to the bond holders and to provide Brokers and Dealers with a procedure for facilitating regulatory requirements that provide prompt notice of events relating to bonds they recommend to customers. For information that is required to be submitted on a periodic basis, the system determines when the information is due to be submitted, and prompts the issuer to file such information with the system. This information is then published to the public, and, simultaneously, transmitted to the municipal disclosure repositories and/or regulatory bodies via a one-click dissemination system. If the issuer does not submit the required information by the due date, the system files a notice that the required information was not submitted by the issuer. Additionally, the system establishes an audit trail for gathering and the distribution of the information. Another important aspect of the audit includes receiving and archiving a receipt that information was transmitted to the municipal disclosure repositories and/or regulatory body. Finally, the system provides a secure platform for communication and teleconferencing among issuers and their investors.

Claims

1. A method of managing bonds, comprising:

entering disclosure documents and material event notices about a bond into a computer system;

making the disclosure documents and material event notices available to others using a computer network;

sending the disclosure documents and material event notices to others computer systems via the computer network; and

sending electronic reminders when additional disclosure documents are required.

2. The method described in claim 1, wherein the entering step includes providing templates containing common items of disclosure documents and material event notices, and attaching files that contain additional information to one of the disclosure documents and material event notices.

3. The method as described in claim 1, wherein the step of sending the disclosure documents and material event notices further includes sending the disclosure documents and material event notices to an MDR.

4. The method as described in claim 1, further comprising:

viewing questions from visitors; and

displaying replies to the questions over the computer network.

5. The method as described in claim 1, further comprising displaying a list of information that has been sent to an MDR.

6. A computer system for managing bonds, comprising:

a computer system, connected to a network of other computers, wherein the computer system is operable in a particular mode of operation where the computer system

receives disclosure documents and material event notices about a bond;

makes the disclosure documents and material event notices available to others via the computer network;

sends the disclosure documents and material event notices to other computer systems via the computer network; and

sends electronic reminders when additional disclosure documents are required.

7. The computer system described in claim 6, wherein the particular mode of operation further includes the computer system:

providing templates containing common items of disclosure documents and material event notices, and

attaching files that contain additional information to one of the disclosure documents and material event notices.

8. The computer system as described in claim 6, wherein the particular mode of operation further includes the computer system sending the disclosure documents and material event notices to an MDR.

9. The computer system as described in claim 6, wherein the particular mode of operation further includes the computer system:

viewing questions from visitors; and

displaying replies to the questions over the computer network.

10. The computer system as described in claim 6, wherein the particular mode of operation further includes the computer system displaying a list of information that has been sent to an MDR.

11. A computer system for managing bonds, comprising:

reception means for receiving disclosure documents and material event notices about a bond;

communication means for communicating the disclosure documents and material event notices to others via the computer network;

sending means for sending the disclosure documents and material event notices to other computer systems via the computer network; and

reminding means for sending electronic reminders when additional disclosure documents are required.

12. The computer system described in claim 11, further comprising:

template provision means for providing templates containing common items of disclosure documents and material event notices; and

attachment means for attaching a file that contains additional information to one of the disclosure documents and material event notices.

13. The computer system as described in claim 11, further comprising MDR sending means for sending the disclosure documents and material event notices to an MDR.

14. The computer system as described in claim 11, further comprising:

viewing means for viewing questions from visitors; and

reply displaying means for displaying replies to the questions.

15. The computer system as described in claim 11, further comprising MDR display means for displaying a list of information that has been sent to an MDR.