- Reports and Resources
Disclosing Risk Factors in Municipal Securities Offerings
Paper exploring legal and practical considerations in identifying and disclosing risk factors in offerings of municipal securities, and developing policies and procedures for disclosing such factors.
Read Full Report
This paper explores legal and practical considerations in (a) identifying and disclosing risk factors in primary offerings of municipal securities and, in some circumstances, related secondary market disclosure and (b) developing policies and procedures for disclosing risk factors. The goal of the paper is to assist members of the National Association of Bond Lawyers when they advise municipal securities issuers and underwriters.
This paper first discusses the legal framework involved when analyzing risk factor disclosure issues, then outlines possible procedures for identifying, evaluating, and disclosing risk factors generally. Finally, in an appendix, the paper offers considerations related to some common risk factors.
This paper is not intended to provide an exhaustive treatment of risk factor disclosure or risk factor examples, and it should not be read to make any suggestion of, or establish any presumption as to, best practices in connection with municipal securities disclosure.
Related Webinar
What’s the Risk? Considerations in Drafting Risk Factors Disclosures
A discussion session on NABL’s newest report examining legal considerations pertaining to risk factors disclosure was held on August 23, 2023.
Report Authors
| Kimberly Magrini Ballard Spahr LLP Philadelphia, PA | Stephen J. Adnopoz Pearlman & Miranda, LLC New York, NY |
| Maria Auzenne Auzenne & Associates, L.L.C. New Orleans, LA | Susan Borries Reed Baker Tilly Indianapolis, IN |
| Thomas W. Bruno McGuireWoods LLP Richmond, VA | Elizabeth M. Columbo Nixon Peabody New York, NY |
| Camille M. Evans Virtus LLP Windermere, FL | Brian J. Fender GrayRobinson, P.A. Tampa, FL |
| Christi Jacobsen Hillis Clark Martin & Peterson P.S. Seattle, WA | Heidi H. Jeffery Foley & Lardner LLP Chicago, IL |
| Sheila Kles McCarter & English, LLP Newark, NJ | Randall Kulat Saul Ewing Arnstein & Lehr LLP Chicago, IL |
| Melissa Messina Herbert J. Sims & Co, Inc. Rockville, MD | Alice M. Ostdiek Stradling Yocca Carlson & Rauth Seattle, WA |
| Mary Powell Powell Law PC Harrisburg, PA | Diane Quan Hawkins Delafield & Wood LLP Los Angeles, CA |
| Christine Reynolds Orrick, Herrington & Sutcliffe LLP Portland, OR | Kenneth B. Roberts Hawkins Delafield & Wood LLP New York, NY |
| Sarah C. Smith McCarter & English, LLP Boston, MA | Matthew Tague Ashurst LLP New York, NY |
| Elizabeth E. Thomas Butler Snow LLP Denver, CO | Mark H. Vacha Cozen O’Connor Philadelphia, PA |
| Fredric A. Weber Norton Rose Fulbright US LLP Houston, TX | Kevin A. White Butler Snow LLP Richmond, VA |
| Peter J. Whitmore Sherman & Howard L.L.C. Denver, CO | Janet E. Zeigler Polsinelli PC Chicago, IL |