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.

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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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