On October 28, 2009, SEC Commissioner Elisse B. Walter delivered a speech entitled Regulation of the Municipal Securities Market: Investors are Not Second-Class Citizens at the Fordham Corporate Law Center’s Tenth Annual A. A. Sommer, Jr. Lecture on Corporate, Securities and Financial Law. Commissioner Walter became the third Commissioner to call for increased regulation of the municipal bond market since the start of the year.
Despite its size and obvious importance . . . the municipal securities market, unfortunately, lacks many of the protections customary in many other sectors of the U.S. capital markets.
Ms. Walter closed her speech by proposing reforms that should be taken by Congress and the SEC itself.
Transcripts of Commissioner Walter’s Remarks
- The Bond Buyer: SEC’s Walter: Give Us Authority Over Munis
- Ignites: Commish Stumps More Muni Bond Disclosure (requires login)
- Bloomberg: SEC’s Walter Calls for Expanded Regulation of Municipals Market