SEC plans field hearings across the U.S. to address municipals issues

By Devika Patel

Knoxville, Tenn., Sept. 7 - The Securities and Exchange Commission said it will launch a series of field hearings to examine the municipal securities markets, starting in San Francisco on Sept. 21.

Topics will include disclosure and transparency, credit ratings and internal controls. Participants are expected to include California state treasurer Bill Lockyer, Washington state treasurer James McIntire, and Stanley Keller, independent consultant and monitor of the City of San Diego. A panel of investors, both individuals and institutions, will also share their experiences in this market.

"Today's investors hold about $2.8 trillion of municipal debt," SEC chairman Mary L. Schapiro said in a press release.

"This is a critical market that touches every aspect of our lives, from the water that we drink to the roads upon which we drive. But for the market to continue to serve our communities, investors in municipal securities must be confident that they are getting the information necessary for knowledgeable decisions, at the time and in a form that they need it."

The series of hearings, which were first announced in May, will take place across the country and address a wide range of issues that focus on the needs of investors in this market. Commissioner Elisse B. Walter will lead the hearings along with fellow commissioners and staff from across the agency.

At the conclusion of all hearings, the commission will release a staff report containing information learned as well as making recommendations for regulatory changes and industry "best practices" and legislative changes, if any.

The San Francisco hearing will take place from on Sept. 21 at the Port of San Francisco, Pier 1, The Embarcadero. The public is welcome to attend as space allows. Admission is free.

Other hearings will be conducted in Chicago, Washington, D.C., Tallahassee, Fla., and Austin, Texas.

Each hearing will include participants from the local region and will examine different sets of issues, including investor protection and education; financial reporting and accounting; market stability and liquidity; the Municipal Securities Rulemaking Board; municipalities as conduit borrowers; offering participants, professionals and market intermediaries; Build America Bonds; and 529 plans.

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