Securities Law Developments in Public Finance



Date & Time

Start Date: 02/16/2012


The municipal securities markets have been the subject of increased focus in recent years and months in various respects. The SEC has been active in terms of rulemaking, enforcement actions, and study. The MSRB has proposed rules and made enhancements to the EMMA disclosure system. GASB has put forth proposals that have engendered considerable reaction. Some commentators and market professionals expect that 2012 may be an even more significant year in terms of regulatory developments. This webinar is intended to briefly discuss various recent developments with a particular view toward best practices in disclosure that may be emerging, and what they may suggest about likely regulatory and practice developments to come. This webinar is intended for issuers, borrowers and other market professionals and is meant to discuss these matters at an introductory and intermediate level.

Topics will include:
• EMMA and continuing disclosure under 15c2-12;
• SEC field hearings on the municipal markets and areas where potential regulatory recommendations might be expected;
• Disclosure related to bank loans and direct purchase private placements;
• Dodd-Frank and the Volcker Rule in relation to the municipal market;
• Pension disclosure; and
• Considerations related to softer disclosures (i.e. interim information, projections, disclaimers, MD&A, risk factors).


Mark Vacha



Mark H. Vacha


(215) 665-6975

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