Committee
Securities Law and Disclosure
Advises on developments in federal securities laws and produces organizational content pertaining to securities laws and disclosure practices in the municipal securities market.
Latest from the Committee
Muni Trades Response to SEC ABS Concept Release
NABL led coalition letter in response to an SEC proposal to harmonize the definition of “Asset-Backed Securities” under Regulation AB with that of the Exchange Act.
Muni Trades Request Extension on ABS Comment Deadline
A collection of associations representing various aspects of the municipal market request extension for recent SEC proposal on asset-backed securities.
Understanding the Debt Ceiling
What are the debt ceiling and federal downgrades, and what do they mean for municipal bonds.
On the PRA Review of SEC Rule 15c2-12
Comments in response to the U.S. Securities and Exchange Commission’s Paperwork Reduction Review of burdens associated with the application of Rule 15c-12.
Response to the Proposed FDTA Joint Standards
Comments in response to the joint data standards proposed by several financial regulators per the Financial Data Transparency Act (FDTA).
Financial Data Transparency Act (FDTA)
Legislation passed at the end of 2022 to apply data standards to information submitted to and managed by several financial regulators, including the MSRB.
Committee Leadership
Chair
Hillary Phelps
Chapman and Cutler LLP
Chicago, IL
Vice Chair
Ryan Callender
Squire Patton Boggs LLP
Cleveland, OH
2nd Vice Chair
Ed Fierro
Bracewell LLP
Houston, TX
Board Liaison
Kareem Spratling
Bryant Miller Olive P.A.
Tampa, FL
Current Committee Projects
Forward Delivery Bonds FAQ
The Securities Law and Disclosure Committee (SLDC) is working on a frequently asked questions (FAQ) document covering the basic mechanics of a forward delivery; documentation requirements and best practices of…
Model CDA
The Securities Law and Disclosure Committee (SLDC) is working to update our Model Continuing Disclosure Agreement (CDA).