Electronic Media and Disclosure Project
The Committee will draft a white paper to discuss the available guidance regarding electronic media and disclosure and considerations for bond counsel when discussing electronic media and disclosure with issuer clients. Phase I, the summary of the available guidance regarding electronic media and disclosure, is complete. An outline has been prepared for Phase II, identifying considerations for bond counsel when discussing electronic media (EMMA issuer homepages, investor relations sites, and social media channels) and disclosure with issuer clients. The project is a companion piece to the academic paper on investor communications and will focus on practice pointers.
Model Letter of Disclosure Counsel Project
A draft of the model letter was presented to and approved by the NABL Board in September 2018. The letter will be released soon. The committee will also be revising the letter and seeking publication in an academic journal.
Projects Needing Volunteers
GASB – Characterization of Conduit Debt
The committee is evaluating whether to submit any comments on the July 30, 2018 GASB Exposure Draft of a proposed Statement of Governmental Accounting Standards for conduit debt obligations. The deadline for comments is November 2, 2018. Interested parties are invited to contact a member of the committee leadership.
SEC Rule 15c2-12 Amendments
The committee is seeking comments from the NABL membership regarding any questions, ambiguities or hypothetical applications relating to the two new material event notices added by the recent amendments to SEC Rule 15c2-12. Interested parties may submit comments to NABL's Director of Governmental Affairs, Jessica Giroux.
SIFMA Model Memorandum to Underwriter’s Counsel
The committee will be preparing a letter for NABL members that provides items to consider when reviewing the SIFMA Model Memorandum to Underwriter’s Counsel. Interested parties are invited to contact a member of the committee leadership.