Co-hosted by the Municipal Securities Rulemaking Board and the California Debt and Investment Advisory Commission
9:30 a.m. Registration
10:00 a.m. Welcome and Introduction
Lynnette Kelly, Executive Director, MSRB
Mark Campbell, Executive Director, CDIAC
10:15 a.m. Regulatory Changes Affecting Municipal Securities Issuers
Lynnette Kelly, Executive Director, MSRB
This session will address current MSRB rules and proposed initiatives important to public agencies, including:
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Duties of underwriters to public agencies
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Definition of municipal advisor
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Duties of municipal advisors to municipal entity clients
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Retail order periods
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Not reoffered designation
10:45 a.m. Duties of Municipal Advisors and Broker/Dealers in the Municipal Market
Ernesto Lanza, Deputy Executive Director and Chief Legal Officer, MSRB
Steve Heaney, Managing Director, Stone & Youngberg, a Division of Stifel
Nicolaus, and Member of the MSRB’s Board of Directors
Brian Thomas, Managing Director, Public Financial Management, LLC

The MSRB is addressing the role and responsibilities of municipal advisors and dealers in a public agency bond sale. This session will focus on MSRB rules governing the conduct of these professionals. In addition, panelists will discuss the public agency’s role in working with these two groups of professionals.
11:45 a.m. Luncheon
Keynote Speakers:
Alan D. Polsky, Chair, MSRB
Honorable Bill Lockyer, California State Treasurer
1:00 p.m. MSRB Long-Range Market Transparency Plan – The Future of EMMA
Justin Pica, Director, Product Management – Market Transparency, MSRB
MSRB will illustrate the planned development of the MSRB’s EMMA system and other new tools, which promote greater market access and transparency.
1:40 p.m. Break
1:50 p.m.
Analyzing Market Activities Using the EMMA® Website
Mark Campbell, Executive Director, CDIAC
CDIAC recently conducted a study on continuing disclosure practices of California public agencies that relied extensively on the MSRB’s EMMA website and in doing so, CDIAC realized the tremendous resource EMMA provides to market analysts. CDIAC will address the benefits as well as some of the limitations of
EMMA in tracking issuer disclosure and reporting activities.
2:00 p.m. Roundtable Discussion on Market Information
Julia Cooper, Acting Finance Director, City of San Jose
Jay Goldstone, Chief Operating Officer, City of San Diego, and Member of the
MSRB’s Board of Directors
Nadia Sesay, Director-Mayor’s Office of Public Finance, City and County of San
Francisco
Facilitator: Tim Schaefer, Principal Owner, Magis Advisor
During this session, panelists will solicit input from public agencies and market participants on how municipal market information obtained through initial and continuing disclosure filings is used to improve rulemaking, pricing and open markets. Audience participation is encouraged.
3:00 p.m. Seminar Closing
Ritta McLaughlin, Senior Director, Market Leadership, MSRB