SIFMA's 2011 Municipal Bond Summit convened on September 27 to examine the new and continuing challenges the municipal securities industry faces in 2012. Discussions focused on how headline risk could influence investor confidence; the substantially reduced new issuance volume in municipal markets; federal legislative proposals affecting tax exemption; and increased regulatory scrutiny and enforcement. Guest speakers included SEC Commissioner Elisse Walter, who called for the SEC to take a "longer-term, deeper dive study" into fixed-income market structure, and Governor of Connecticut Dannel P. Malloy, who outlined his strategy to reduce the state's deficit with a mix of tax increases and spending cuts.
Opening Remarks
SIFMA's Randy Snook opens the annual summit, noting that SIFMA has filed over 30 comment letters in the past year on municipal markets alone. He stresses that proper cost-benefit analysis of new rules is critical to avoid unintended consequences that could hamper municipal market activity. In particular, he discusses SIFMA's concern that the SEC's proposed rule on the definition of municipal advisors will hamstring the ability of dealers and banks to offer services to issuers, and result in more limited and costly services provided by fewer financial institutions.
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Conference Sessions
SEC Commissioner Elisse Walter discusses the municipal securities landscape in Q & A session with Michael Corkery of the Wall Street Journal In a Q&A session with Leslie Norwood of SIFMA, Commissioner Walter discusses the municipal securities landscape today. Among the hottest...MORE
Primary Market Dynamics - Back to Basics or Time for Innovation? This panel takes an in-depth look at the challenges to issuance given a market in flux from everything from the loss of BABs to headline risks to dramatically reduced new issuance. Should the municipal market make a turn back to vanilla or should...MORE
Developments in the Secondary Market – Where is the Liquidity? Listen in on the conversation as industry experts describe the challenges of liquidity in the municipal bond secondary markets. The...MORE
What is "Advice"? Panelists consider the effect of the SEC municipal advisor registration rule as the evolution of "who falls under that rule" and "what constitutes advice" continues to be fleshed out and deeply...MORE
Keynote Speaker: The Honorable Dannel P. Malloy Governor of Connecticut Governor Malloy shares his views on the importance efficient rules and regulations, the steps he has taken in Connecticut, and the need for active discussions on all levels of government critical role of the...MORE
Special Guest Speaker: The Honorable Steve Stivers United States House of Representatives Member, House Financial Services Committee Congressman Stivers of Ohio offers his insights into federal proposals, impacting the municipal bond market. Most notably, the Congressman...MORE
Challenges in the Retail Market As federal lawmakers look to change the tax-exemption within the municipal markets, this panel discussion looks into what's facing the retail market, at a time when some in the media have been forecasting problems in its future...MORE
Special Guest Speaker: Richard Ravitch Former NYS Lt. Governor/Co-Chair, Volker-Ravitch Task Force on the State Budget Crisis Richard Ravitch, former NYS Lt. Governor and Co-Chair of the Volker-Ravitch Task Force on the...MORE
Short-Term and Variable Rate Financing Solutions This panel discusses the municipal market needs for a short-term financing option. Whether it is market conditions or new capital levels required by...MORE
