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.

If you are interested in participating and are not already a committee member, login and update your member profile, or contact the Committee Chair.



(206) 623-1745
(952) 229-9430
Drew M. Slone,Vice-Chair
(214) 745-5400
Deanna L.S. Gregory,Board Liaison
(206) 245-1716

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.

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. 

To access all projects, visit our Research tab.