Home ->> CDIAC ->> Education ->> Description



California Debt and Investment Advisory Commission


Presents the 12th Annual CDIAC Pre-Conference to
The Bond Buyer’s 24th Annual California Public Finance Conference:

MSRB Rule G-17 and Other Market Disclosures:
A Pathway to Clarity or Not?


September 25, 2013
JW Marriott LA LIVE
Los Angeles, CA

Agenda | Slides

In the spring of 2012, the SEC approved MSRB’s Notice 2012-25, which provides interpretive guidance on how Rule G-17 applies to underwriters in municipal securities transactions. The notice provided guidance with respect to the existing duty of underwriters to deal fairly with issuers when underwriting their bonds. In addition, the notice now requires underwriters in a negotiated sale to disclose the nature of the underwriter’s role in the transaction, the nature of their compensation, conflicts of interest and, in some cases, the material financial risks and characteristics of the financing. The goal of this interpretive release is to produce clarity and specificity with regard to roles and transaction risks and to further articulate a standard of ethical practice for underwriters in relation to public issuers.

Using G-17 as a starting point, this pre-conference workshop considers the roles and processes involved in the issuance of bonds by public agencies. The goal is to help issuers understand what questions they need to ask and what forms of disclosure they should expect or require from underwriters, financial advisors, investment advisors, bond counsel and other consultants, and to better identify and manage the conflicts and risks inherent to the business relationships that support the issuance of bonds.

Speakers

  • Arn Andrews, Assistant Director of Finance, City of San Jose
  • David Cohen, Managing Director and Associate General Counsel, Securities Industry and Financial Markets Association
  • Robert Doty, Senior Counsel and Advisor, Government Financial Strategies
  • Cammy C. DuPont, Principal Deputy County Counsel-Office of the County of Los Angeles
  • Jay M. Goldstone, Chair, Municipal Securities Rulemaking Board
  • Brian Hellberg, Director of Policy and Procedure-Municipal Finance, RBC Capital Markets
  • Lynnette Kelly, Executive Director, Municipal Securities Rulemaking Board
  • David Leifer, Senior Managing Director, KNN Public Finance
  • Chris Mier, Managing Director of Analytical Services Division, Loop Capital Markets
  • Dave Sanchez, General Counsel, De La Rosa and Company
  • Tim Schaefer, Founder & Principal Owner, Magis Advisors
  • Charles Turner, Director of Finance, Eastern Municipal Water District