Preliminary Agenda

MSRB’s Disclosure Forum II

The Westin Grand Hotel

Washington, D.C.

January 11-12, 2001


Thursday, January 11, 2001


10:00 a.m. – 10:30 a.m.          Introduction and Overview


10:30 a.m. – 11:45 a.m.          Disclosure in the Primary Market: What to say and when to say it?


Market participants will explore key issues regarding the timing and substance of disclosure in the primary market. The panel will look at the functions of the preliminary official statement and the final official statement from the differing perspectives of investors, issuers and dealers, as well as from the perspective of the attorneys that coordinate the financing. How can the parties ensure that the disclosure documents perform these functions in a full and timely manner? To what extent do market forces affect the timeliness and quality of primary market disclosure? Does existing regulation promote full and timely disclosure, or does it miss the mark? Is there a price to be paid for providing less than ideal disclosure, and, if so, who pays it?


Noon                    Lunch


1:15 p.m. – 2:30 p.m.          Providing Information to the Secondary Market: What is enough information and how should it be delivered?


Market participants will explore the importance of timely and thorough disclosure in the secondary market. What are the information needs of market participants, e.g., bond funds, pricing services, bond insurance companies and others? How are issuers providing secondary market information? Are SEC Rule 15c2-12 required disclosures, along with voluntary disclosure initiatives, sufficient? What are the benefits to issuers of providing better secondary market disclosure?


2:30 p.m. - 2:45 p.m.              Break


2:45 p.m. - 4:00 p.m.              Legal Issues


Market participants will explore legal issues arising in connection with disclosure, including recent SEC enforcement actions and statements regarding electronic communication, NABL report on secondary market disclosure, and use of issuer web sites for disclosure. Are the legal issues driving what disclosures are being made? Is there a need for additional legal clarity in certain areas to improve disclosure practices?



Friday, January 12, 2001


10:00 a.m. – 10:15 a.m.          Summary of the prior day’s discussions and introduction of today’s panel


10:15 a.m.- Noon          Dissemination of Disclosure Information: The Roles of NRMSIRs and Dealers


Dealers and NRMSIRs will discuss dissemination of disclosure information and possible areas for improvement. Are today’s dissemination methods working? How can they be improved? What are the different disclosure products available that help dealers meet their regulation obligations? What kinds of problems do NRMSIRs and information vendors have in obtaining disclosure documents from issuers? Could a central index of Rule 15c2-12 required disclosure documents help promote better use of NRMSIRs? How important to dealers is formatted descriptive or evaluative information about municipal securities? Does the expected increase in on-line trading create new or different requirements for accessing and delivery of disclosure information or different needs for formatted descriptive/evaluative information?


Noon                    Concluding Remarks



Copyright 2000 Municipal Securities Rulemaking Board. All Rights Reserved. Terms and Conditions of Use.