MSRB Sends Letter to SEC Investor Advocate on Muni Market Practices  

The Municipal Securities Rulemaking Board (MSRB) sent a letter to the Securities and Exchange Commission’s (SEC) Office of the Investor Advocate, identifying practices in the municipal market that could potentially impact retail investors. The letter, sent in response to an SEC request, identified disclosure practices as an ongoing concern to the MSRB.

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IRS Withdraws Proposed Political Subdivision Regulations

The IRS has withdrawn its proposed regulations on the definition of political subdivision, an action the Treasury Department recommended in its final report for reducing the burden of significant tax regulations. 

NABL previously urged Treasury to withdrawal the proposed regulations, warning that they would cause disruption in the municipal market, including creating significant uncertainty about whether governmental organizations qualify as political subdivisions because of multiple facts and circumstances tests.

You can find the notice of withdrawal of the proposed regulations here.  It is expected to be published in the Federal Register on Friday, October 20, 2017.

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Thank You to Everyone for Attending BAW!


More than 900 public finance professionals gathered at the Fairmont Chicago on October 4-6, 2017 for the 42nd Annual Bond Attorneys' Workshop (BAW). During the kickoff on Wednesday, October 4, attendees welcomed Sandy MacLennan as the 2017-18 NABL President along with the induction of the 2017-18 NABL Board of Directors during the Annual Meeting. Directly following the meeting, audience members celebrated this year's award winners, Fredric Weber, who received the Kiel Award and Bill Daly, who was presented with the Friel Medal. Other highlights from this year's BAW  include, the General Session, "In the Trenches of Securities Fraud Cases," and this year's new panel session titled, "Ethics: Unintentional Discrimination and Implicit Bias - To Know It Is To Abate It." If you attended BAW, then please check your email for a post-workshop survey for your completion. 

Remember that you can visit the 
BAW Section of the NABL website to access the PDF version of the onsite Program Book and enjoy photos from the Workshop. We would like to thank everyone who attended this year and we look forward to seeing you next year at the Fairmont Hotel in Chicago on September 26 - 28, 2018.