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.
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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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
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