Municipal Market Disclosure:
Fundamentals and Evolving Practices
April 8-9, 2025
Crowne Plaza Costa Mesa Orange County
3131 Bristol Street
Costa Mesa, CA 92626
Agenda
Public agency disclosure is critical to promoting transparency in the municipal securities market. Investors must be informed of the risks related to an agency’s revenues and financial condition, but disclosure obligations are expanding to include emerging economic and regulatory risks. This seminar seeks to assist public agency officials and other market professionals in improving their understanding of the policy and regulatory environment surrounding municipal disclosure and how that environment may change in the future.
Day one of this seminar will focus on the fundamentals of disclosure, covering current rules for primary and continuing disclosure practices by public agencies including reporting requirements to CDIAC. Day two will focus on navigating evolving disclosure best practices in various areas of risk, including cyber and climate, through the lens of maintaining an effective disclosure team for risk assessment. Also, day two will bring participants current with the implementation of the Federal Data Transparency Act.
Presentation Materials
Printed versions of the seminar presentations are not provided on the day-of the event. PDF files for the combined presentation and individual sessions are listed below.
- Session 1 | The Evolving Landscape of Municipal Disclosure
- Session 2 | Assessment and Disclosure of Changes in Long-Range Financial and Operational Conditions and Challenges
- Session 3 | Technology Topics: Disclosable Risks and Opportunities
- Session 4 | Climate Change and Natural Hazard Risk Assessment and Disclosures
Speakers
- Margaret (Margie) Backstrom, Managing Director, Fixed Income Division, Morgan Stanley
- Marc Bauer, Partner, Orrick, Herrington, & Sutcliffe LLP
- Robert Berry, Executive Director, CDIAC
- Daniel (Dan) Deaton, Partner, Nixon Peabody LLP
- Renee Dougherty, CFA, Director of Municipal Research, Charles Schwab Asset Management
- Tara Dunn, Manager, Policy Research Unit, CDIAC
- Brian Garzione, Partner, Hawkins Delafield & Wood LLP
- Jay Goldstone, Financial Services Advisor, Self-employed
- Paulina Haro, Senior Project Advisor, Governmental Accounting Standards Board
- Donald (Don) Hester, CISSP, CISA, CGRC, CRISC, Cybersecurity Advisor, Cybersecurity and Infrastructure Security Agency
- Jacquelynne (Jacqui) Jennings, Partner, ArentFox Schiff LLP
- Brian McCartan, Senior Fellow, Ceres, Inc.
- Diane Quan, Partner, Hawkins Delafield & Wood LLP
- Dave Sanchez, Director, U.S. Securities and Exchange Commission
- Nikolai Sklaroff, Capital Finance Director, San Francisco Public Utilities Commission, Commissioner, CDIAC
- Samuel (Sam) Smalls, Treasury and Debt Manager, Metropolitan Water District of Southern California
- David Song, Associate, Nixon Peabody LLP
- Krystal Tena, Associate Director, S&P Global Ratings
- Sean Tierney, Partner, Hawkins Delafield & Wood LLP
- Amanda Trussell, Principal Administrative Analyst, County of San Bernardino
- Anna Van Degna, Public Finance Director, City and County of San Francisco
- Jan Whittington, PhD, Associate Professor of Urban Design and Planning Department, Director of the Urban Infrastructure Lab, Associate of Tech Policy Lab, University of Washington, Seattle
- Daniel (Dan) L. Wiles, Board Member, Municipal Securities Rulemaking Board
- Matthew Wingert, Budget Manager, Los Angeles County Metropolitan Transportation Authority
Resources and Recommended Readings
- For a full library of publications back to 2000, visit CDIAC’s Publication Database
- Climate Change Disclosure Among California Enterprise Issuers
- Top COVID-19 Disclosure “Hacks” Issue Brief
- Interactive California Debt Financing Guide | (PDF Version)
- Recommended Approach to Municipal Green Bond Disclosure, California Green Bond Market Development Committee 2023
- The SEC’s Proposed New Cybersecurity Disclosure Requirements for Public Companies, Orrick 2022
- Proposed Rule: Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure, U.S. Securities and Exchange Commission 2022
- Proposed Rule: The Enhancement and Standardization of Climate-Related Disclosures for Investors, U.S. Securities and Exchange Commission 2022
- Task Force on Climate-Related Financial Disclosures (TCFD) Overview, 2022
- TCFD Discussion Excerpt
- Alameda County Transportation Commission Official Statement, 2022
- ESG Best Practice – “E” Environmental, GFOA 2021
- ESG Disclosure, GFOA 2021
- Understanding Your Continuing Disclosure Responsibilities, GFOA 2020
- Post-Issuance Policies and Procedures, GFOA 2020
- Using Technology for Disclosure, GFOA 2020
- Primary Market Disclosure, GFOA 2020
- 2023 Municipal Market Disclosure: Fundamentals and Evolving Practices
- 2023 Municipal Green Bond Disclosure: Investor Guidance and Issuer Perspective
- 2020 CDIAC Pre-Conference to The Bond Buyer’s Annual California Public Finance Conference: Informing the Investment Decision – Climate Change Disclosure in the Municipal Market
- 2020 Navigating Investor Disclosure During the COVID-19 Crisis
Contact Information
If you have questions about this program, please contact CDIAC at CDIACEducation@treasurer.ca.gov.
