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SEC Announces Open Hearings on Muni Securities

The SEC has announced that it will hold open hearings concerning the state of the municipal securities markets.  The open hearing is scheduled to be held on December 7, 2010 at the Commission's Washington, DC headquarters.   The Commission will use the hearings to inform "a staff report addressing information learned, including their recommendations for further action the Commission should pursue, which may include rulemaking, recommendation for changes in industry 'best practices,' or legislation."

The Washington, DC, hearing will take place from 9 a.m. to 4:50 p.m. The event is open to the public, and will be webcast live at

The SEC has published the following agenda for the hearings: 

SEC Officials

  • The Honorable Mary L. Schapiro, Chairman 
  • The Honorable Elisse B. Walter, Commissioner and chair of the field hearing 
  • The Honorable Luis A. Aguilar, Commissioner 
  • The Honorable Troy A. Paredes, Commissioner 
  • Robert W. Cook, Director, Division of Trading and Markets 
  • James L. Kroeker, Chief Accountant 
  • Lori Schock, Director, Office of Investor Education and Advocacy

Welcoming Remarks 9:00 - 9:15 am

  • Commissioner Walter

Market Stability and Liquidity 9:15 - 10:45 am

  • Moderator: Amy Starr, Senior Special Counsel for Capital Markets, Office of the Chief Counsel, Division of Corporation Finance  
  • Alan Greco, Managing Director of Trading and Underwriting, Ramirez & Co., Inc. 
  • William R. Collins, Managing Director, Scotia Capital 
  • Thomas G. Doe, Founder and Chief Executive Officer, Municipal Market Advisors 
  • Joseph Deane, Portfolio Manager, Western Asset Management 
  • Sean McCarthy, Chief Operating Officer, Assured Guaranty

Investor Impact 10:50 - 11:50 am

  • Moderator: Martha Haines, Chief, Office of Municipal Securities, Division of Trading and Markets 
  • Hal Wittman, investor 
  • Helen Kirkpatrick, investor 
  • Don Niewiaroski, investor 
  • James A. Lebenthal, Director, Public Affairs, Lebenthal & Co., LLC

Lunch break 12:00 - 1:00 pm

Self-Regulation 1:10 - 2:10 pm

  • Moderator: Martha Haines 
  • Lynette Hotchkiss, Executive Director, Municipal Securities Rulemaking Board 
  • Thomas Selman, Executive Vice President, Regulatory Policy, FINRA 
  • Benjamin Asher, Senior Managing Director, Public Resources Advisory Group 
  • John M. Ivan, Senior Vice President and General Counsel, Janney Montgomery Scott LLC

Accounting 2:15 - 3:45 pm

  • Moderator: Amy Starr  
  • Timothy Firestine, Chief Administrative Officer, Montgomery County, Md. 
  • David Bean, Director of Research and Technical Activities, Governmental Accounting Standards Board 
  • David Jones, Partner, Deloitte & Touche LLP

Build America Bonds 3:50 - 4:50 pm

  • Moderator: Martha Haines 
  • The Honorable Nancy K. Kopp, State Treasurer, State of Maryland 
  • John Cross, Associate Tax Legislative Counsel, U.S. Department of the Treasury 
  • W. Bartley Hildreth, Professor of Public Management and Policy, Georgia State University 
  • Derek Wolff, Ph.D., Vice President, Senior Research Analyst, Nuveen Asset Management