Municipal Securities Full Disclosure Act

Municipal Securities Full Disclosure Act - Amends the Securities Exchange Act of 1934 to require preparation of an annual report by any issuer of municipal securities which has outstanding during any portion of a fiscal year an aggregate principal amount of municipal securities exceeding $50,000,000.

Requires that such report contain specified information including: (1) identification and description of the issuer; (2) a description of the issuer's debt structure; (3) history of any default in payments of principal or interest; (4) description of issuers' tax authority and structure; and (5) a detailed financial statement.

Requires that any issuer that offers or sells an issue of municipal securities shall prepare a distribution statement. Permits exceptions for offers or sales.

Prescribes that such statement contain among other things: (1) a description of the offering, its price and plan of distribution; (2) a description of the security to be offered; (3) a description of intended use of the proceeds; and (4) a statement of counsel's opinion as to the legality of the offering.

Exempts issuers in States with disclosure requirements conforming to the standards of this Act from reporting and document distribution provisions of this Act.

Requires that such reports and statements shall be available to the security holder at the issuer's expense and shall be maintained at a designated location for examination by the public.

Provides for the enforcement of this Act through civil actions brought by any person who acquires securities in an offering where the distribution document contains an untrue statement of material fact or omitted to state a material fact. Enumerates the responsibilities for assuring the adequacy and accuracy of information of certain participants in municipal finance.

Directs the Securities and Exchange Commission to establish the Municipal Securities Disclosure Advisory Committee not later than 90 days after the passage of this Act.