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The Securities and Exchange Commission today opened public registration for its Municipal Securities Disclosure Conference, which will be held on May 10, 2023, at the SEC’s headquarters. The conference, held in a hybrid format with both in-person and virtual participation, will bring together a variety of municipal securities market participants, including issuers and investors, to discuss the state of disclosure in the market.
Conference topics will include:
- Voluntary disclosure practices of municipal issuers;
- The impact of the Financial Data Transparency Act on the municipal market;
- ESG practices in the municipal market; and
- Emerging and longstanding issues in the municipal securities market.
More about SEC
SEC Chair Gary Gensler, Commissioners Hester Peirce and Jaime Lizárraga, and staff from the Office of OMS, including Director Dave Sanchez, will participate in the conference.
OMS coordinates the SEC’s municipal securities oversight activities and administers the Commission’s rules about municipal securities brokers and dealers, municipal advisors, investors, and municipal issuers.
OMS advises the Commission on policy matters relating to the municipal securities market and is responsible for policy development, coordination, and implementation of Commission initiatives to improve the market. To register for the conference, and to learn more about the municipal securities market and the work of the Office of Municipal Securities, please visit OMS’s webpage.
Conference registration is open until May 5, 2023, and is subject to confirmation. For media inquiries regarding the conference, please contact SEC Public Affairs at [email protected]. For registration questions, please contact the Office of Municipal Securities at (202) 551-5680 or [email protected].
The Securities and Exchange Commission (SEC) has announced that it will host a Disclosure Conference to promote transparency and accountability in the municipal securities market. The conference will be held on June 25, 2023, at the SEC’s headquarters in Washington, D.C. This conference is part of the SEC’s ongoing efforts to improve the quality and availability of information to investors and other market participants in the municipal securities market.
Municipal Securities: An overview
Municipal securities are debt securities issued by states, cities, and other political subdivisions to finance public infrastructure projects, such as schools, highways, and hospitals. These securities are often sold to individual investors, as well as institutional investors such as banks, mutual funds, and insurance companies. The market is a large and vital part of the U.S. capital markets, with an estimated outstanding debt of over $4 trillion.
Disclosure in the Municipal Securities Market
Transparency and disclosure are essential components of the market. Investors rely on accurate and timely information to make informed decisions about investing in these securities. Municipal issuers must provide certain disclosures to investors under federal securities laws, including information about the issuer’s financial condition, the terms of the securities being offered, and the risks associated with investing in the securities.
The SEC has been working to improve the quality and availability of information to investors in the market. In 2012, the SEC adopted new rules that require municipal issuers to provide ongoing disclosures to investors, including annual financial statements and notices of certain events that could impact the issuer’s financial condition, such as defaults or bankruptcies.
The SEC also established the Municipal Continuing Disclosure Cooperation (MCDC) Initiative in 2014, which provided issuers with the opportunity to self-report violations of federal securities laws related to their continuing disclosure obligations. The MCDC Initiative resulted in settlements with over 70 issuers and underwriters, and the SEC has continued to bring enforcement actions against issuers and underwriters who violate these disclosure obligations.
The conference will provide a forum for market participants to share their experiences and perspectives on disclosure practices in the market. This collaboration will help to identify areas for improvement and promote best practices that will benefit issuers, underwriters, and investors alike.
The importance of transparency and accountability
Transparency and accountability are essential components of a healthy and functioning capital market. Investors rely on accurate and timely information to make informed investment decisions, while issuers benefit from increased investor confidence and access to capital. The Disclosure Conference is an important step in promoting transparency and accountability in the municipal securities market, and the SEC’s ongoing efforts to monitor and enforce disclosure requirements will help to ensure that investors have access to the information they need to make informed investment decisions.
Conclusion
The Municipal Securities Disclosure Conference is an important event promoting transparency and accountability in the municipal securities market. The conference will bring together market participants to discuss current disclosure practices and identify areas for improvement.
