MUNICIPAL MARKET DISCLOSURE:
Fundamentals and Evolving Practices
Agenda
Disclosure is key to ensuring transparency in the municipal securities market. Investors must be informed of the risks related to an agency’s revenues and financial condition, but disclosure obligations are expanding to evolving risks related to climate change and cybersecurity. This seminar seeks to assist public agency officials and other market professionals in improving their understanding of the policy and regulatory environment surrounding municipal disclosure and how that environment may change in the future.
Day One of this seminar will focus on the fundamentals of disclosure, covering current rules for primary and continuing disclosure practices by public agencies including reporting requirements to CDIAC. Day Two will focus on evolving disclosure practices for labeled debt, cybersecurity, and climate change.
Seminar Presentation Materials
Printed versions of the session presentations are not provided. PDFs of the combined presentations can be accessed below and printed. Links will be updated as the materials become available.
PDFs for individual sessions are listed below.
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Session 1 | Why is Disclosure Important?
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Session 2 | Steps and Considerations in Crafting the Initial Disclosure Documents
- Session 3 | Federal Continuing Disclosure Requirements
- Session 4 | Agency Approaches to Disclosure Management
- Session 5 | California’s Disclosure Requirements and CDIAC’s New Data Portal
- Session 1 | The Evolving Landscape of Municipal Disclosure
- Session 2 | Disclosure Practices for Successful Issuance of Labeled Debt
- Session 3 | Assessment, Mitigation and Disclosure of Cybersecurity Risks
- Session 4 | Assessment and Disclosure of Climate Change Risks
Recommended Readings
CDIAC Publications
- Climate Change Disclosure Among California Enterprise Issuers
- Top COVID-19 Disclosure “Hacks” Issue Brief
- Interactive California Debt Financing Guide (PDF Version)
Additional Resources
- The SEC’s Proposed New Cybersecurity Disclosure Requirements for Public Companies, Orrick 2022
- Proposed Rule: Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure
- Proposed Rule: The Enhancement and Standardization of Climate-Related Disclosures for Investors
- TCFD 2022 Overview Booklet
- TCFD Discussion Excerpt
- Alameda County Transportation Commission Official Statement
- ESG Best Practice – “E” Environmental
- ESG Disclosure, GFOA 2021
- Understanding Your Continuing Disclosure Responsibilities, GFOA 2020
- Post Issuance Policies and Procedures, GFOA 2020
- Using Technology for Disclosure, GFOA 2020
- Primary Market Disclosure, GFOA 2020
- White Paper on Best Municipal Bond Issuance Practices, National Federation of Municipal Analysts (NFMA), June 2014
- Recommended Best Practices in Disclosure for State Government General Obligation and Appropriation Debt, NFMA, September 2015
- Direct Purchases of State or Local Obligations by Commercial Banks and Other Financial Institutions, NABL, July 2017
- Disclosure Obligations of Issuers of Municipal Securities, Orrick, Herrington & Sutcliffe, 2011
- Report on the Municipal Securities Market, U.S. Securities and Exchange Commission, July 31, 2012
Seminar Information
- COVID Requirements: CDIAC is following all health and safety rules of Sacramento County. Attendees are expected to follow the County rules while participating in this event. Please see the current Sacramento County guidelines.
- Cancellation/Transfer Policy: Contact CDIACEducation@treasurer.ca.gov if you need to cancel or transfer your registration. Refund/Cancellation requests must be received by March 7, 2023. However, substitution of officials or staff from the same entity is permitted.
- Agenda Information: CDIAC reserves the right to replace or cancel speakers or make any other changes to the agenda without notice. All information is subject to change.
- Attire & What to Bring: This seminar is business casual. Please bring a light sweater in case the meeting space runs cold. Laptops are recommended for this program. Please see the CDIAC webpage for additional recommendations closer to the seminar date.
- Certificate of Attendance: CDIAC will issue a Certificate of Attendance for each day of the program to those who sign in at the registration desk. Certificates will be issued within 2 weeks after the program. Participants can submit their Certificate of Attendance to their governing entity to request credits. CDIAC’s education programs are accepted by many governing entities as certifiable.
- County Treasurers/Tax Collectors: Under California Government Code Section 27000.8, CDIAC’s educational programs are a source for California county treasurers, tax collectors, or treasurer/tax collectors to obtain continuing education credits.
- Accountants: CDIAC is not an approved provider of CPE credits, however certificates of attendance can be submitted to your governing entity to request credits.
- Attorneys | MCLE Credits: CDIAC is an approved provider of Minimum Continuing Legal Education (MCLE) General Credits. Each day of the event is approved for the following General Credits:
- Day 1 | 7.00 Credits
- Day 2 | 6.25 Credits
- 2020 Navigating Investor Disclosure during the COVID-19 Crisis
- 2018 Municipal Market Disclosure
- 2016 Municipal Market Disclosure