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Abstract: 

Last year, Commissioner Walter was tapped by SEC Chairman Mary Shapiro to lead a series of field hearings to examine the municipal market, including topics such as disclosure and transparency, financial reporting and accounting, and investor protection and education. To date, the SEC has held two hearings, and when all are completed, the SEC staff will prepare a report on the findings, with recommendations for further action, which could include legislation, rulemaking, or changes in industry practice. In this article, Commissioner Walter gives her perspective on the field hearings and other important issues related to the municipal securities market. This article is based on the author's keynote address at the Twenty-Eighth Annual Conference of the National Federation of Municipal Analysts in Charleston, South Carolina, May 3–6, 2011.

Keywords: Securities Exchange Act of 1934; Rule 15c2-12; Electronic Municipal Market Access

Affiliations:  1: U.S. Securities and Exchange Commission.