Tax Hot Topics


The panel discussed current federal tax issues, including any recently released notices, rulings, regulations and/or other guidance. In order to address current "hot" topics, the specific topics focusing on tax matters were subject to change. 

Panel Chair: Christie L. Martin, Mintz Levin Cohn Ferris Glovsky and Popeo P.C., Boston, MA


Clifford M. Gerber, Norton Rose Fulbright US LLP, San Francisco, CA
Carol L. Lew, Stradling Yocca Carlson & Rauth, Newport Beach, CA
Victoria N. Ozimek, Bracewell LLP, Austin, TX
Johanna L. Som De Cerff, Internal Revenue Service, Washington, DC




Underwriter's Counsel Roundtable


The panel reviewed the role and responsibilities of underwriter's counsel in light of the significant legal developments that have occurred in the aftermath of the Great Recession and, more recently, the COVID-19 pandemic. The panel considered what an underwriter's counsel should do to best represent underwriters in this legal environment. The panel included perspectives from members of NABL who regularly serve as underwriter's counsel, as well as from heads of public finance, internal counsel and industry leaders.


Panel Chair: Jeff D. Peelen, Quarles & Brady LLP, Milwaukee, WI 


Daniel M. Deaton, Nixon Peabody LLP, Los Angeles, CA
Margaret C. Henry, Stifel Financial, Saint Louis, MO
Leslie M. Norwood, Securities Industry and Financial Markets Association, New York, NY


Understanding the Role of Municipal Advisors


Municipal advisors have become more prominent participants in bond issuances and the subject of regulations which also impact the bond issuance activities of bond attorneys. The panel explored the regulatory framework for municipal advisors. In addition, panelists discussed certain examinations, cases and regulatory actions taken by the SEC and MSRB, including the SEC's order granting municipal advisors a temporary conditional exemption from broker registration. Areas explored included: analyzing practical problems, including deal timing issues, issuer responsibilities, rating agency and investor presentations, preliminary and final official statements, continuing disclosure, and tax issues.

Panel Chair:  Ed Fierro, Bracewell LLP, Houston, TX


Bonnie Bowes, Financial Industry Regulatory Authority, Washington, DC 
David C. Hodapp, Municipal Securities Rulemaking Board (MSRB), Washington, DC
Rebecca S. Lawrence, Ballard Spahr LLP, Minneapolis, MN