[13669]
June 21, 2001
TO: FIXED-INCOME ADVISORY COMMITTEE No. 10-01
RE: NOTICE OF MEETING TO DISCUSS MSRB DISCLOSURE REFORM INITIATIVE
Last month, the Municipal Securities Rulemaking Board held its second Roundtable
meeting to discuss ways to improve disclosure practices in the municipal securities market. The
discussion included representatives from various segments of the municipal securities industry,
including, investment companies and advisers, municipal securities issuers and analysts, bond
counsel, and accountants.
At the Roundtable, MSRB representatives proposed a plan to try to develop an “ideal”
disclosure system. To develop this system, the MSRB intends to hold a series of meetings over
the next nine months with various market participants. In October, the MSRB plans to meet
with certain industry representatives to create a prototype of an ideal disclosure framework. To
facilitate this meeting, the MSRB has asked each of the Roundtable participants to develop and
submit to the MSRB a proposal of an ideal disclosure system. In November, the MSRB plans to
hold a meeting with a broader group of industry participants at which it intends to present the
prototype plan for discussion and approval. Finally, in the first quarter of 2002, the MSRB plans
to meet with industry representatives to develop a detailed action plan. The Institute, along
with the other Roundtable participants, expressed support for the MSRB’s disclosure project.
Accordingly, the Institute has scheduled a meeting of the Advisory Committee to
develop a proposal of an ideal disclosure system for consideration by the MSRB. This process
will entail creating a list of critical issues in the municipal securities market and developing a
prototype that, among other things, addresses issues related to the nature and type of
information that should be disclosed, the frequency of such disclosure, and the mechanism
through which such disclosure should be delivered or made available.
The meeting will be held on Tuesday, July 24, 2001, at the Institute’s offices at 1401 H
Street, N.W., Washington, D.C. The meeting will be held in the David Silver Conference Room
on the 12th Floor. Lunch will be served following the meeting. Please indicate on the attached
response form whether you or an alternate will be able to attend the meeting. Also, please list
any recommendations for an ideal disclosure system you would like to discuss at the meeting.
Barry E. Simmons
Associate Counsel
Attachment
2Attachment (in .pdf format)