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SEC Announces July 29 Field Hearing on the State of the Municipal Securities Market


Washington, D.C., July 15, 2011 – The Securities and Exchange Commission today announced that it will hold a municipal securities market field hearing in Jefferson County, Ala., on July 29. Topics will include distressed communities, small issuers, disclosure, derivatives and pre-trade price transparency.

“Hearing directly from those who are affected by our policies helps to shape better rules,” said Chairman Mary L. Schapiro. “That’s especially the case with municipal securities.”

The event is the third in a series of hearings examining issues that affect investors in the municipal securities market. The first was held in San Francisco in September, 2010, followed by a hearing in December at the SEC’s headquarters in Washington, D.C.

“Our hearing in Jefferson County will allow us to gather real-world insights that are critical to our examination of these timely and important issues,” said SEC Commissioner Elisse Walter, who is chairing the field hearings.

Following the hearings, Commission staff will prepare a report addressing information learned, including their recommendations for further action that the Commission should pursue, which may include Commission rulemaking, changes in industry “best practices,” or legislation by Congress.

The hearing will take place from 8:30 a.m. to 4:00 p.m. on Fri., July 29, at Rosewood Hall, 2850 19th Street South, Homewood, Ala., 35209. The public is welcome to attend. Admission is free. The hearing will be accessible online at www.sec.gov the day of the event, and archived for access afterward.

The Commission has taken several actions regarding municipal securities. In December, it voted to propose a rule creating a new process by which municipal advisors must register with the SEC. In May 2010, the Commission voted to approve rule changes improving the quality and timeliness of municipal securities disclosure. The measures were intended to strengthen existing requirements for the scope of securities covered, the nature of the events that issuers must disclose, and the time period in which disclosure must be made.

The SEC continues to encourage members of the public and other interested parties to submit comments related to the municipal securities market by using the comment form on the SEC website, sending an e-mail to munifieldhearings@sec.gov, or by telephone at (202) 551-5727.

For more about the Commission's oversight of the municipal securities market, see: http://www.sec.gov/spotlight/municipalsecurities.shtml

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Field Hearing on the State of the Municipal Securities Market

July 29, 2011

Rosewood Hall, 2850 19th Street South, Homewood, AL 35209

SEC Officials

Opening remarks 8:30 – 9:00 am

Distressed Communities 9:00 – 10:00 am

Short Break 10:00 – 10:15 am

Small Issuers 10:15 – 11:15 am

Looking at Disclosures: Issuer and Investor Perspectives 11:15 am – 12:30 pm

Lunch break 12:30 – 2:00 pm

Derivatives Use in Municipal Finance 2:00 – 3:00 pm

Pre-trade Price Transparency 3:00 – 4:00 pm

  • Moderator: Alicia F. Goldin, Special Counsel, Office of Chief Counsel, Division of Trading and Markets
  • Jon K. Barasch, Senior Manager, Municipal Evaluation Quality Assurance, Interactive Data Pricing and Reference Data, Inc.
  • Ernesto A. Lanza, Deputy Executive Director and General Counsel, Municipal Securities Rulemaking Board
  • Johnny Lessley, Managing Director of Municipal Trading, Duncan-Williams, Inc.
  • John J. Lynch, Jr., Executive Vice President and Chief Operating Officer, Hartfield, Titus & Donnelly, LLC
  • Richard Y. Roberts, Principal, Roberts, Raheb & Gradler LLC

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Modified: 07/28/2011