Rule 15c2-12, promulgated by the Securities and Exchange Commission (11/94) specifies that issuers of municipal securities must file annual information and notice of material events with central information depositories. The previous SEC rule, issued in 1989, required information to be filed with a Nationally Recognized Municipal Securities Information Repository (‘NRMSIRS’). In addition to NRMSIRS, the new rule introduced the concept of State Information Depositories (SIDS). While the new SEC rule does not require state to establish SIDS, they did indicate that "states can play a significant role in enhancing disclosure in the municipal securities market." The rule requires issuers to provide information to the SID, in one exists in the issuer’s state. Unlike NRMSIRS, which are private sector entities, the SEC envisions that state depositories would be operated by state governments or an entity designated by the state government to serve as that state’s SID.