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Abstract: 

Led by Scott Sollers, Chairman, Municipal Securities Rulemaking Board, the MSRB convened a forum to review and discuss rules for disclosure designed to improve the flow and quality of information provided by issuers to investors. Organized as a series of panel discussions, the Disclosure Form includes a “Regulatory Overview” by Paul S. Maco of the Securities and Exchange Commission and Diane G. Klinke, General Counsel for the Municipal Securities Rulemaking Board; a discussion of “Current Issues Involving Content, Format, and Timing of Documents in Both Primary and Secondary Markets” led by Carolyn Walsh, Assistant General Counsel for the Municipal Securities Rulemaking Board, Charles Mires, Assistant Vice President and Manager of the Municipal Bond Group at Allstate Insurance Company, Raymond J. Kubiak, Chairman of the National Federation of Municipal Analysts, M. Douglas Watson, Jr., Managing Director of the Public Finance Group at Moody’s Investors Service, and Barbara Flickinerg, Managing Director, Public and Corporate Finance Department, MBIA; “Approaches to Content, Format, and Timing Disclosure Issues in Both Primary and Secondary Markets—G.O. and Housing Practices” with a panel of Ernesto A. Lanza, Associate General Counsel, Municipal Securities Rulemaking Board, Arthur D. Heilman, Chairman, Debt and Fiscal Policy Committee, Government Finance Officers Association, Robert F. Sikora, Munistat Services Inc., Jeffrey M. Baker, Vice President and Manager, Municipal Research Department, Chase Manhattan Bank, and Stockton S. Williams, Legislative and Policy Associate, National Council of State Housing Agencies; “Approaches to Content, Format, and Timing Disclosure Issues in Both Primary and Secondary Markets—Health Care and Land-Based Issues” with a panel including Ernesto A. Lanza, Timothy J. Schaefer, Principal, Fieldman, Rolapp & Associates, Thomas F. Walsh, Vice President and Senior Research Analyst, Franklin Templeton, Thomas J. Weyl, Vice President and Director of Municipal Research, Eaton Vance Management, Stephen M. Fillerbrown, Director of Research and Investor Relations, New Jersey Health Care Facilities Financing Authority; “Issues Involving Dissemination of Disclosure Information—Roundtable Discussion” led by panelists Harold L. Johnson, Deputy General Counsel, Municipal Securities Rulemaking Board, Thomas A. Hutton, Director of Municipal Securities Information Library, Municipal Securities Rulemaking Board, Joseph F. Sensale, Product Manager, KENNYBASE, Standard & Poor’s J. J. Kenny, Howard D. Marsh, Managing Director and Manager, Municipal Bond Department, Salomon Smith Barney, Gerry Lian, Vice President and Senior Analyst, Morgan Stanley Dean Witter Advisors Inc., Frank R. Hoadley, Capital Finance Director, Department of Administration, State of Wisconsin, George D. Axlund, Chairman, National Task Force on Disclosure, National Council of State Housing Agencies, Joanne Mays Becker, Chair, Task Force on Electronic Information Delivery of The Bond Market Association.

Keywords: Municipal Securities Rulemaking Board; Disclosure; NFMA Position Paper on 1994 Amendments to Rule 15C2-12; dissemination practices

Affiliations:  1: MSRB.