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The Road Ahead: Municipal Securities Disclosure in an Evolving Market

Join Chairman Clayton, SEC Commissioners, and the Office of Municipal Securities for a one-day conference focused on municipal securities disclosure.

Municipal securities market participants can expect to hear about important developments, current trends in disclosure, and potential opportunities for regulatory and industry improvement.

Registration is Free and Easy

For in-person attendance, please register here by November 29, 2018. As event space is limited, registration is subject to confirmation.

This event will be webcast. Registration is not required for those viewing virtually. A link to the webcast will be available on and the conference website the day of the conference.


AGENDA | 8:30 a.m. – 5:00 p.m.

  • 8:30 a.m. – 9:30 a.m. | Registration and Networking

  • [+] 9:30 a.m. – 9:40 a.m. | Opening Remarks

    • Remarks on function and importance of municipal securities disclosure by Chairman Jay Clayton
  • [+] 9:40 a.m. – 9:50 a.m. | Plenary Remarks

    • Remarks on function and importance of municipal securities disclosure by Rebecca Olsen, Director, Office of Municipal Securities
  • [+]9:50 a.m. – 11:05 a.m. | Panel 1 – Financial Distress and Municipal Securities Disclosure

    Join market participants for a discussion of the impact of financial distress on issuer disclosure obligations.

    • Moderator: Hillary Phelps, Senior Counsel, Office of Municipal Securities, SEC
    • Ammar Rizki, Chief Financial Officer, Cook County, Illinois
    • Ann Fillingham, Member, Dykema Gossett PLLC
    • Dan Hartman, Managing Director, Public Financial Management, Inc. (PFM)
    • Jim Spiotto, Managing Director, Chapman Strategic Advisors LLC
    • Robin Prunty, Managing Director, S&P Global Ratings
  • 11:05 a.m. – 11:15 a.m. | Break

  • [+]11:15 a.m. – 12:15 p.m. | Panel 2 – Lessons from Municipal Securities Disclosure Enforcement Actions

    A discussion of recent SEC enforcement actions related to municipal securities disclosure.

    • Moderator: LeeAnn Gaunt, Chief, Public Finance Abuse Unit, Division of Enforcement, SEC
    • John McNally, Partner, Hawkins Delafield & Wood LLP
    • Kenton Tsoodle, Assistant Finance Director, City of Oklahoma City, Oklahoma
    • Paul Maco, Partner, Bracewell LLP
    • Peg Henry, Deputy General Counsel, Stifel Financial Corp.
  • [+]12:15 p.m. – 12:25 p.m. | Remarks by Commissioner Kara Stein

    Commissioner Stein will provide brief remarks on the municipal securities market.

  • 12:25 p.m. – 1:35 p.m. | Lunch Break

  • [+]1:35 p.m. – 2:50 p.m. | Panel 3 – Recent Developments in Disclosure Technology

    A discussion of how technological innovations are impacting municipal securities disclosure.

    • Moderator: Justin Pica, Senior Policy Advisor, Division of Trading and Markets, SEC
    • Colin MacNaught, CEO and Co-Founder, BondLink
    • Ernesto Lanza, Senior Counsel, Clark Hill PLC
    • Jase Wilson, Founder and CEO, Neighborly
    • Mark Kim, Deputy Executive Director and COO, MSRB
    • Nikki Griffith, Bureau Chief, Cash and Debt Management, Howard County, Maryland
  • [+]2:50 p.m. – 4:05 p.m. | Panel 4 – What’s Next for Disclosure?

    A discussion of emerging municipal securities disclosure topics, including new types of municipal securities and risk areas for municipal issuers.

    • Moderator: Adam Wendell, Attorney-Adviser, Office of Municipal Securities, SEC
    • Amy Johonnett, Research Analyst, Fidelity Investments
    • Dee Wisor, Partner, Butler Snow LLP
    • Matt Fabian, Partner, Municipal Market Analytics
    • Patrick McCoy, Director of Finance, Metropolitan Transportation Authority, New York
  • 4:05 p.m. – 4:15 p.m. | Break

  • [+]4:15 p.m. – 5:00 p.m. | Closing Roundtable with Commissioners

    Join OMS Director Rebecca Olsen in a discussion of the Commissioners’ views on issues affecting disclosure and the municipal securities market in general.

    • Moderator: Rebecca Olsen, Director, Office of Municipal Securities, SEC
    • Elad Roisman, Commissioner, SEC
    • Hester Peirce, Commissioner, SEC
    • Robert Jackson, Commissioner, SEC

Date and Location

December 6, 2018
9:30 am – 5:00 pm

SEC Headquarters
100 F Street NE
Washington, DC 20549

Learn More

Read prior guidance and rulemaking on municipal securities disclosure by the SEC and the Office of Municipal Securities here.

Public Comments

Use the SEC’s Internet submission form or send an email to

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