This Committee (a) advises the Board regarding developments in federal securities laws (including developments pertaining to the governmental agencies that regulate securities and/or enforce securities laws, rules and regulations), (b) advises the Board regarding developments pertaining to disclosure practices relating to municipal securities, (c) prepares on behalf of NABL, at the direction of the Board, comment letters, informative memoranda, and other written materials pertaining to securities laws and/or disclosure practices pertaining to municipal securities, and (d) undertakes such projects as may be assigned by the Board.



(202) 682-1493
Brandon C. Pond,Vice-Chair
(206) 623-1745
Rebecca S. Lawrence,Vice-Chair II
(612) 481-4145
Jason Akers,Board Liaison
(504) 568-1249

Due Diligence Considerations in Municipal Securities Offerings

This committee is tasked with drafting a white paper that brings together the what, why, who, when, where and how of due diligence as it relates to municipal securities offering.  Aimed at both new and seasoned attorneys, the white paper will summarize the foundational laws, judicial decisions and agency actions that define and inform the duty to complete due diligence before making an offering of municipal securities, as well as provide practical tips on how to conduct due diligence in a municipal securities offering.  An outline of the white paper has been prepared, and the committee has been broken into subgroups to draft various sections of the paper. 

Status: Project is underway.

Review of 1994 Interpretive Release for Potential Updates

In light of recent statements from members of the SEC and references that the 1994 Interpretive Release will control the views of the SEC, a review of that release in light of developments over the past 25 years is in order.  A “things to think about” paper may be the result of such undertaking with a possible submission of that paper to OMS to help guide the thinking on the release. 

Status: Project is in the development stage; volunteers welcomed.

Best practices paper for risk factors disclosure, particularly cybersecurity and climate change.

A paper will discuss, among other items, various topics of disclosure including revenue and conduit revenue bonds as well as new cyber, climate, and COVID-19 related risks.  The paper could also contain examples of language to use, factors to consider, best practices, etc.  

Status: Project is in the development stage; volunteers welcomed.

Model Continuing Disclosure Agreement Project

This project will focus on developing a model CDA. It is expected that this project will take a similar form to other NABL model document projects, with form contract language and accompanying commentary. It has been noted that there are existing model CDAs in the market (usually at the firm level).  It is expected that the project will focus on enhancements to existing models, rather than correcting errors in such existing models. 

Status: Working group has been formed and the outline is being developed. 

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Update to Crafting Disclosure Policies

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