September 16, 2014

Muni ComMUNIcations - Legislative, regulatory and tax news for municipal securities

HIGHLIGHTS

Advanced Muni Bond School Starts Next Week in NYC: Webinar Available
SIFMA and the Municipal Bond Club of New York invite you to participate in this year’s Advanced Municipal Bond School. This weekly series will run from September 22 to October 27, 2014 at the SIFMA Conference Center in New York City.

Join us for an innovative and informative program that guarantees your success and increases your industry knowledge while separating yourself from your peers. The Advanced Muni Bond School remains an important and integral building block for your career in municipal bonds not just through the educational process, but also by establishing a network for young professionals.

Educate - Classes include sessions on fundamental terminology, regulation, underwriting, trading, analysis, derivatives, public finance, portfolio management and market strategy.

Build - This annual course of instruction is designed to provide a comprehensive introduction to all phases of the business, with emphasis on the mastery of basic skills and knowledge.

Network - Attendance in the recent past has exceeded 100 enrolled students.  Speakers include leaders in the Municipal Bond industry from all the leading firms.

Sign-up to attend in person or via a fully interactive webinar – Q&A will be available!

MSRB Hires Chief Market Structure OfficerMSRB Logo
On September 10, the Municipal Securities Rulemaking Board (MSRB) announced that John A. Bagley, a fixed-income professional with extensive knowledge of trading, underwriting and sales, will join the MSRB as Chief Market Structure Officer on September 15, 2014. Mr. Bagley will lead a newly created department dedicated to ensuring the MSRB’s activities are informed by economic analysis and understanding of current market practices, and reflect market activity based on data.

Mr. Bagley most recently served as President of BondDesk Trading LLC, where he was responsible for its broker-dealer and related trading platform activity. Previously, Mr. Bagley served in sales and trading roles at divisions of UBS and its predecessor, PaineWebber, for nearly three decades. Mr. Bagley received his bachelor’s degree from Boston University and has a master’s of business administration from Columbia University.

In his role at the MSRB, Mr. Bagley will oversee newly hired Chief Economist David H. Saltiel. The MSRB also recently hired two municipal market professionals as members of the Market Structure team – Michael Kobs, Senior Advisor for Municipal Market Structure, and Barbara Voute’, Municipal Operations Advisor. They join Marcelo Vieira, MSRB Director of Research, and Justin Pica, Director of Product Management for Market Transparency, as members of the market structure group.

MSRB Announces 2016 Move to Washington, D.C.
On September 12, the Municipal Securities Rulemaking Board (MSRB) announced that it has signed an agreement to move its office operations to Washington, D.C. when its current lease expires in 2016. The MSRB, which regulates the municipal securities market, will lease space in the Franklin Square office building at 1300 I Street, NW in the District. The MSRB’s offices are currently housed at 1900 Duke Street in Alexandria, VA.
The MSRB has been located in Alexandria since 2001 and earlier was based in Washington, D.C. The organization will mark 40 years of regulating the municipal market in 2015.

SIFMA Professional Societies
Meet with your colleagues in Professional Societies to share best practices, attend educational seminars and engage in peer-to-peer networking. By facilitating the exchange of information among specialized professionals in the financial services industry, SIFMA’s Societies prepare members for market changes and emerging trends. Learn more about SIFMA's Professional Societies.

New 2015 Edition of "Sources: A Resource Directory"
SIFMA is pleased to announce the upcoming publication of a new 2015 edition of "Sources: A Resource Directory.” Compiled by SIFMA, Sources is an easy-to-use guide of products and services for the securities and financial industry. Service providers in financial services are invited to submit information for publication; SIFMA’s Associate Members are included at no cost as a benefit of membership.
View: Sources

Registration Now Open: SIFMA’s 2014 Industry-Wide BCP Testing Initiative
As part of the ongoing securities industry testing initiative, on October 25, 2014, SIFMA will lead the 2014 industry-wide business continuity test where firms submit test orders and transactions to markets and utilities. The exercise will involve test transactions for equities, options, fixed income, foreign exchange, commercial paper, settlement, payments, Treasury auctions and market data. The test is supported by all major exchanges, markets and industry utilities. Registration is open until Friday, October 17.
Register Today
SIFMA Blog: Pennsylvania + Wall

Table Top Exercise (TTX)
A new addition in this year’s test is a Table Top Exercise (TTX).  If your firm is interested in participating in this TTX please register and the registrant will then receive details regarding the remote, self-paced exercise that will make use of the crisis scenario being applied to this year’s exercise.  The TTX will be executed in Friday, October 24. There will also be more information on the TTX as we move into the summer.
Table Top Exercise Scenario

Pandemic Influenza Continuity Exercise Series: Multiple Dates, Sep. – Dec., 2014
SIFMA is coordinating with government and private organizations to sponsor a two year series of pandemic influenza continuity exercises to mitigate vulnerabilities during a pandemic influenza outbreak; identify gaps or weaknesses in pandemic planning or in organization pandemic influenza continuity plans, policies, & procedures; and encourage public and private organizations to jointly plan for, and test, their pandemic influenza plans.
FEMA Pandemic Exercise

Volunteer Opportunity: Join SIFMA to Invest It Forward this Fall
Invest it Forward™ connects teachers and classrooms with financial industry professionals and firms to give young Americans a solid understanding of the capital markets system and the invaluable tools to achieve their dreams. If you are a financial industry professional or a financial services firm wanting to volunteer, and to discover specific ways you can bring your passion and expertise into classrooms and youth-serving nonprofits in the coming school year, sign up to join us today.

SIFMA Bookstore Spotlight: The Fundamentals of Municipal Bonds
Reuters has called this text "an excellent general primer on the market." This informative volume is the newly revised and updated sixth edition of the long-heralded classic text on the municipal securities market. The text provides a basic understanding of the market for a wide range of readers, including experienced professionals – such as investment bankers, traders, brokers, and professional investors – as well as public officials, academicians, students, and sophisticated individuals.
Read More and Purchase Book

 

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EVENTS

Register Today: What Municipal Analysts Need to Know about Governmental Accounting – Oct. 24, NYC
Join SIFMA and MAGNY and instructor, Dean Mead from the GASB for “What Municipal Analysts Need to Know about Governmental Accounting” on October 24 at the SIFMA Conference Center in New York City. This session will provide in-depth instruction on the rules that state and local governments follow when accounting for and reporting their finances in audited financial reports. It will cover the basics from the perspective of the financial statement analyst, focusing on how the accounting standards affect the information that analysts receive, to the significant new changes to government financial reports that analysts have seen or will soon see, such as the new fund balance classifications, the appearance of deferrals, and the forthcoming pension information. Registration includes a free copy of “An Analyst's Guide to Government Financial Statements," 2nd Edition, which will serve as the text for the session.
Register Today

Need Ethics Credits? Satisfy Your NY State Requirement at SIFMA – Oct. 28, NYC or Live Video Webcast
Join SIFMA and SIFMA's Compliance & Legal Society for an Ethics Seminar to take a deeper-dive into the ethical issues impacting the financial industry. Join the top industry professionals to discuss a range of topics, including: the SEC and CFTC ethics rules, internal investigations, privilege issues, client relationships, and much more. If you are unable to attend in person, register for the live video webcast and still satisfy your New York State ethics credits requirement.
Register Today

SIFMA Annual Meeting: Program Sneak Peeks – Nov. 10, NYCSIFMA Logo
SIFMA's 2014 Annual Meeting once again gathers the leaders of the financial services industry together with prominent policymakers and financial media. Join us to explore the role of capitalism in creating opportunity across America. In one-on-one conversations and on in-depth panels, today’s foremost thought leaders – including former Mayor of the City of New York and Founder of Bloomberg LP, Michael Bloomberg, and Co-Founder and Co-CEO of the Carlyle Group, David Rubenstein, and Stephen Luparello, the new Director of Trading and Markets for the Securities and Exchange Commission – will share their perspectives on how the financial services industry will best serve tomorrow's economy.
Register Today

Announcing SIFMA's Diversity Conference 2014: Nov. 13-14, St. Louis
Join SIFMA to discuss global Diversity and Inclusion, including the trends that are shaping the future workplace, how to effectively manage and monitor the impact of your Diversity & Inclusion programs, why diversity matters on corporate boards, and much more! Confirmed featured speakers include: Barney Frank, U.S. Congressman (1981-2012) and Chairman of the House Financial Services Committee (2007-2011); and Bonnie St. John, Olympic Athlete, Best-Selling Author, Fortune 500 Business consultant, and former White House Official.
Early bird rates are now available!

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