2016 annual conference hotel monteleone–new orleans … · 2016. 9. 30. · hotel...

2016 ANNUAL CONFERENCEHotel Monteleone–New Orleans

OctOber 5–7

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Wednesday, October 5

6:00 p.m. Registration Opens – La Nouvelle Mezzanine7:00 p.m. Welcome Reception – Riverview Room

Thursday, October 6

7:00 a.m. Registration Opens – La Nouvelle Mezzanine7:45 Breakfast8:30 President’s Welcome – Terri Heaton

8:45 Keynote Address: Public Finance Matters – The Story of Louisiana James W. Parks II, President and CEO, Louisiana Public Facilities Authority

9:20-9:30 Sponsor Presentations: BAM, Capital One Public Funding, S&P Global Ratings

9:30-10:20 News From the Municipal Securities Rulemaking Board and the SEC’s Office of Municipal Securities

Leaders from the MSRB and the SEC’s Office of Municipal Securities will present on current rulemaking and other regulatory initiatives related to municipal advisors and the broader municipal securities market.

Attendee Learning Objectives:• Become more familiar with SEC rulemaking in the general municipal securities market and

those specific to municipal advisors• Identify key regulatory matters, important to municipal advisors, including those related to

MSRB Rules G-20, G-37 and G-42

Program Level: BasicProgram Prerequisites: NoneAdvance Preparation: NoneDelivery Method: Group LiveCPE Credit and Field of Study: 1/Regulatory Ethics

Moderator: Terri Heaton, President, NAMA; Senior Vice President, Springsted Inc.Speakers: Lynnette Kelly, Executive Director, Municipal Securities Rulemaking Board

Rebecca Olsen, Deputy Director, Office of Municipal Securities, SEC

10:20-10:30 Sponsor Presentations: Digital Muni, Moody’s Investors Service, National Public Finance Guarantee

10:30–10:45 Break

Hotel Monteleone–New Orleans October 5–7

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10:45 – 12:00 OCIE Update: Exam Findings and Future

Officials from the SEC’s Office of Compliance, Inspections and Examinations will discuss their findings and observations following two years of MA examinations and their work plan going forward.

Attendee Program Objectives:• Gain understanding of OCIE’s exam process and key findings from past OCIE exams that are relevant and

important to your practice• Learn ways to enhance Firm policies and procedures in order to be best prepared for an OCIE exam

Program Level: BasicProgram Prerequisites: NoneAdvance Preparation: NoneDelivery Method: Group LiveCPE Credit and Field of Study: 1.5/Regulatory Ethics

Moderator: Dave Sanchez, Senior Counsel, Norton Rose Fulbright, LLCSpeakers: Suzanne McGovern, Assistant Director, Office of OCIE, SEC Robert Miller, Supervisory Attorney and Examination Manager, Office of OCIE, SEC

12:00-12:15 Sponsor Presentations: Assured Guaranty, Kensington Capital Advisors

12:15 – 1:30 Lunch, La Nouvelle East12:15 – 1:30 Presidents Lunch, invitation only, Royal B

1:30 – 2:20 Knowing Your Compliance Responsibilities

Municipal Advisors have increased responsibilities in order to ensure compliance with MSRB rulemaking and to meet the expectations of SEC examiners. This session will provide a discussion as to how peer MA firms have addressed their compliance responsibilities in order to comply with the current regulatory regime.

Attendee Program Objectives:• Identify key items related to rulemaking compliance that need to be incorporated into policies and practices• Recognize ways to incorporate compliance responsibilities into project management

Program Level: BasicProgram Prerequisites: NoneAdvance Preparation: NoneDelivery Method: Group LiveCPE Credit and Field of Study: 1/Specialized Knowledge-Technical

Moderator: Christina Kennedy, Chief Compliance Officer & Client Administrator, Fiscal Advisors and Marketing Inc.

Speakers: Brian Colton, Partner, H.J. Umbaugh Suzanne Harrell, President, Harrell & Company Advisors

2:20 – 2:35 Sponsor Presentations: Fitch Ratings, Grant Thornton, IPREO

2:35-2:45 Break

2016 ANNUAL CONFERENCE

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2:45 – 3:35 MA Practice Management

Municipal Advisors have had to accept numerous new responsibilities recently, including compliance and qualification standards, as well as adjusting to more formalized interactions with clients and other professionals.However, the way in which municipal advisors engage in the business of being a MA and running a MA firm are also changing significantly. This session will provide an overview of issues that Municipal Advisors may be beginning to address as part of their practice.

Attendee Program Objectives:• Examine ways to implement and practice tasks built into your policies and procedures• Assess whether available insurance options are needed in your practice• Recognize business lessons from other firms that may apply to your practice, including data management

Program Level: BasicProgram Prerequisites: NoneAdvance Preparation: NoneDelivery Method: Group LiveCPE Credit and Field of Study: 1/Business Management & Organization – Non-Technical

Moderator/Speaker: Mike Sudsina, President, Sudsina and CompanySpeakers: Steve Apfelbacher, CEO, Ehlers and Company Dave Perkins, Executive Vice President, U.S. Risk Brokers, Inc.

3:35-3:50 Sponsor Presentations: Hilltop Securities, Lumesis, Stanley P. Stone and Associates

3:50-4:00 Break

4:00 – 5:30 Business Meeting – Members Only. Closed to Public. • Association By-Laws• Election• Committee Updates• Other Business

6:30 Reception Broussard’s Restaurant - 819 Rue ContiPlease note that Broussard’s is four blocks from the Hotel Monteleone. No group transportation will be provided.

7:30 Annual Dinner Broussard’s Restaurant (Hosted by Build America Mutual – BAM)

Friday, October 7

7:30 a.m. Registration Opens - La Nouvelle Mezzanine7:45 Breakfast

Hotel Monteleone–New Orleans October 5–7

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8:30-9:45 Everything You Always Wanted to Know about Bond Structuring, But Were Afraid to Ask (maybe not everything - just what will fit in the time we have)

The rise of an algorithmic market can make us feel as if we’re in “The Matrix”. This session will present answers to questions that municipal advisors have when structuring bond offerings. Attendees will learn from market experts about bond structuring parameters, including: pricing, couponing, duration and how decisions in these areas should respond to market conditions, tax treatment and investor strategies.

Attendee Learning Objectives: • Knowing how to research, evaluate information for, and optimize debt structures to the benefit of clients. • Gain insight into the practical application of the bond structuring concepts presented.• Develop new thinking about knowledge needed to optimize bond structures.Program Level: IntermediateProgram Prerequisites: NoneAdvance Preparation: Visit Web Site Delivery Method: Group LiveCPE Credit and Field of Study: 1.5/Specialized Knowledge - Technical

Moderator: Lori Raineri, President, Government Financial Strategies Inc.Speakers: Shelley Aronson, President, First River Advisory, LLC,

David Abel, Managing Director, William Blair & Company LLC Winthrop Smith, President, Win Analytics LLC 9:45 -10:00 Sponsor Presentations: ACA Compliance Group, Grant Street Group

10:00 – 10:20 Break

10:20 – 11:10 Rating Agencies Outlook

The credit rating agencies have revised their criteria on numerous types of state and local government credits in recent years. In this session, Moody’s, Fitch and Standard and Poor’s will provide an overview of these changes, and what to expect in 2017.

Attendee Learning Objectives:• Recognize the criteria being used by the rating agencies to evaluate credits • Determine ways in which rating agency methodologies can be applied to client work• Identify issues that may be forthcoming from the rating agencies in the future

Program Level: BasicProgram Prerequisites: NoneAdvance Preparation: NoneDelivery Method: Group LiveCPE Credit and Field of Study: 1/Specialized Knowledge - Technical

Moderator: Brian Osowski, President, AMKO AdvisorsSpeakers: Hetty Chang, Vice-President/Senior Credit Officer - Public Finance Group, Moody’s Investors Service

Geoffrey E. Buswick, Managing Director & Sector Leader U.S. Public Finance, S&P Global Ratings Laura Porter, Managing Director & Head of State and Local Ratings Group, Fitch Ratings

2016 ANNUAL CONFERENCE

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11:10-12:10 Disclosure: What MAs Need to Know for Their Clients and Themselves

There have been numerous changes in the municipal securities disclosure landscape, that effect issuers and municipal advisors alike. This session will provide attendees with an overview about the information investors want to see from issuers, how issuers and their finance team can help meet disclosure requirements, and what recent SEC enforcement actions mean for all players in the marketplace.

Attendee Learning Objectives:• Be informed of recent securities law regulatory activity that impact marketplace participants• Evaluate how information requested by investors can be provided by clients• Recognize tools available to help MAs, issuers and other parties meet disclosure responsibilities


Moderator: James Mann, Partner, Ehlers and CompanySpeakers: Lisa Washburn, President, National Federation of Municipal Analysts & Managing Director,

Municipal Market Advisors Gregg Bienstock, CEO and Co-Founder, Lumesis, Inc. Meredith Hathorn, Foley and Judell

12:15 - 1:30 Lunch, La Nouvelle East

1:30-2:20 Understanding P3s

Public Private Partnerships are being considered by many public entities as a way to finance new projects. This session will help Municipal Advisors better understand these types of transactions, including when they are used in conjunction with a bond issuance, and the role municipal advisors should serve in these transac-tions, to best serve their clients.

• Determine the usefulness of P3 financing opportunities for your clients• Apply understanding of P3 financings, including risks and rewards, to your knowledge base• Identify how P3 financings can be combined with traditional bond financings to meet client project objectives


Moderator: Tom Kaleko, Client Representative, Springsted Inc.Speakers: Nathan Flynn, Managing Director, Fifth Third Securities Anthony King, Managing Director, Kidwell and Company

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2016 ANNUAL CONFERENCEHotel Monteleone–New Orleans October 5–7

2:30-3:20 Special Topic: Bank Loans and Private Placements

Bank loans and private placements have become more attractive to state and local governments in recent years, despite a lack of guidance from federal regulators, and varied bank and investor practices. This session will review the current market landscape associated with these financings, as well as how Municipal Advisors should navigate through regulatory limits related to their MA role in these transactions.

Attendee Program Objectives:• Secure understanding of the regulatory parameters related to MA work on bank loans• Recognize current environment for bank loan and private placement opportunities for your clients• Evaluate the pros and cons of recommending a bank loan versus traditional bond financing to your clients.


Moderator/Speaker: Alex Handlers, Principal, Bartle WellsSpeakers: Heidi Amspaugh, Director, H.J. Umbaugh

Jeff Sharp, Senior Vice President/Director of Business Development, Capital One Public Funding

3:30-4:30 Experience with OCIE Exams (closed session/only for NAMA members)

Roundtable discussion from those who have been through the exam process and what MA firms should expect in the future, and how best to be prepared for an exam.

Moderator: Dave Sanchez, Senior Counsel, Norton Rose FulbrightSpeakers: Mike Sudsina, President, Sudsina and Associates Dan Wiles, Principal and General Counsel, Fieldman Rolapp and Associates

Please Complete the Conference Evaluation Form and Return it to the Registration Desk

THANK YOU FOR ATTENDING THIS YEAR’S CONFERENCE!SEE YOU IN 2017

VISIT WWW.MUNICIPALADVISORS.ORG FOR NAMA UPDATES AND OTHER EDUCATIONAL OPPORTUNITIES

2016 NAMA Annual ConferenceA special thank you to our corporate sponsors

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2016 annual conference hotel monteleone–new orleans … · 2016. 9. 30. · hotel...

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