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
On Municipal Disclosure Obligations (2026)
Additional high-level observations and specific suggestions with respect to certain municipal disclosure topics where SEC clarification and guidance would prove most helpful to the municipal market.
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.
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.
Committee Leadership
Chair
Ryan Callender
Squire Patton Boggs LLP
Cleveland, OH
Vice Chair
Ed Fierro
Bracewell LLP
Houston, TX
Past Chair
Hillary Phelps
Chapman and Cutler LLP
Chicago, IL
Board Liaison
Jeffery Qualkinbush
Barnes & Thornburg LLP
Indianapolis, IN
Committee “All Hands” Meetings
All members of the Securities Law and Disclosure Committee (SLDC) are invited to join regularly hosted “All Hands” meetings, during which practitioners hear from leadership and NABL staff on the Committee’s workflow, federal policy updates, and a unique topical discussion. In order to receive invitations to the meetings, confirm that you have selected “Securities Law and Disclosure Committee” as a Committee Interest under the “NABL Activity” tab on your NABL Profile.
Interested in Leading a Topical Discussion?
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).