ANNUAL CONFERENCE NEWSLETTER

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1 Fall 2016 In This Issue: President s Message 1 Thank You to Corporate Sponsors Conference Planning Commi ee Report Public Affairs Commi ee Report Tes ng, Ethics & Standards Commi ee Report Membership Commi ee Report 2 & 17 NAMA Members 9 Board Members 10 Communica ons Commi ee Report Commi ee Members 14 Nomina ons Commi ee Report and Slate of Officers 15 Execu ve Director Report 18 Conference Highlights & Upcoming Events National Association of Municipal Advisors MacArthur Blvd Suite 1100 Irvine, CA Phone: NAMA nama@municipaladvisors.org 20 ANNUAL CONFERENCE NEWSLETTER PRESIDENT S MESSAGE WOW what a year! When I first took over the gavel as NAMA s President, I thought we had climbed some pre y big mountains with the associa on name change to NAMA, opening up our membership to include individual municipal advisors, and absorbing the outcomes of the SEC s MA Rule. Li le did I know that this was just the beginning of two years of tremendous change to our profession and to NAMA. Now we have many MSRB MA rules in place, the MA qualifica ons tes ng is well underway, and more posi ve changes have occurred within NAMA. I have been proud to lead this organiza on, with the help of those on our Board and Commi ees who have done a lot of heavy li ing, and achieve successes that I certainly didn t envision two years ago in Portland. As you will read and hear from our Commi ee Chairs, the membership has grown significantly, our educa onal efforts have taken root, the NAMA Code of Ethics has been revised, and we have rebranded the associa on with a new logo and website. Earlier this year the Board focused its a en on on developing priori es for the year. Some of the key ini a ves include: Revised the NAMA By Laws for Membership Review and Vote Updated the NAMA Code of Ethics Increased Educa onal Opportuni es Through NAMA Webinars Developed Compliance Guidance and Informa on Resources for Members Provided Members with Series 50 Test Prep Informa on and Encouraged Members to take the Exam and Access Available Materials Began Discussions on the Future of NAMA s CIPMA Program Increased Membership Firms, Associate Members and Affiliate Members Responded to MSRB Rule Proposals Impac ng Municipal Advisors Launched the new NAMA Website and Added Addi onal Features Streamlined all Administra ve Func ons of the Organiza on Created the new E Pla orm NAMA NEWS, Delivered to Members Twice Monthly I do want to thank Shelley Aronson for his reless work as a Board member over the past six years, and his though ul insights on many issues related to the organiza on and the profession. Also, this year I ve enjoyed working with Susan Gaffney who helped me with many of the associa on s strategies and goals. Of course, I couldn t have had such a successful tenure without the guidance and support of our Vice President and Public Affairs Commi ee Chair, Larry Kidwell. Treasurer Mike Sudsina and Secretary Chris ne Crowley were helpful with many of our opera onal and finance ma ers and updates. Lastly, I am very apprecia ve to Jeanine Rodgers Caruso, our past president, for her guidance, support and friendship over the years. Thanks to all of you for the privilege to serve you as President, and for making NAMA a stronger and be er organiza on. Enjoy the conference! Terri Heaton, CIPMA NAMA President

2 2016 NAMA ANNUAL CONFERENCE SPONSORS A special thank you to our corporate sponsors! Platinum Gold Silver Bronze Media 2

3 CONFERENCE PLANNING COMMITTEE REPORT C CO CHAIRS: S A M B As co chairs of this year s Annual NAMA Conference, we want to welcome you to New Orleans and thank you for a ending. Our goal is to put on a great conference where you hear about fresh topics, you can network and learn more about this industry that we are all busy naviga ng. This event is not possible without the help of many individuals. Along with current NAMA Board Members we would like to personally recognize Lori Raineri, Terri Heaton, Larry Kidwell, Mike Sudsina, Jim Mann, Pam Clary, Tom Kaleko and Brian Osowski for serving on our conference planning commi ee. We must also say a HUGE thank you to our Execu ve Director Susan Gaffney. As Susan recently wrapped up her first year with NAMA, she took on this conference with new ideas and great organiza on. Although we hope you enjoy the many speakers and leaders in our industry who have given of their me to come and present at the conference, we hope you also get to take some me to LIVE New Orleans. A diverse City with a lot to offer in culture, history and food we hope you come away feeling re energized about the jobs we all do every day. We can t wait to see you!! 3

4 PUBLIC AFFAIRS COMMITTEE REPORT C C : L K The NAMA Public Affairs and Industry Rela ons (PAIR) Commi ee role for the organiza on is to recognize federal regulatory and legisla ve ini a ves and determine if they warrant a response from NAMA, and develop those responses. Through submission of comment le ers, mee ngs with policy makers, and providing input in industry forums and publica ons, the Commi ee serves to direct the ac vi es of the organiza on related to promo ng NAMA s posi ons on policy issues that impact the municipal advisory profession. The Public Affairs Commi ee this year remained vigilant over regulatory ini a ves impac ng municipal advisors. The commi ee helped form NAMA s response to numerous MSRB Rules, that have now become effec ve, thwarted efforts to make MAs liable for bank loan disclosure informa on, and increased our presence in Washington, and in the marketplace. Key NAMA outputs related to Washington ac vi es are listed below, and the comment le ers may be found on NAMA s web site. MSRB Rule G42: Du es of MAs. We submi ed two comment le ers over the past year, focusing our a en on to the need for significant guidance in numerous areas to ensure understanding and MA compliance of the new Rule. MSRB Rule A 12: Registra on. We expressed concern about the implementa on of new fees and subsequent rulemaking requirements on MAs, especially for smaller MA firms. Doubling the registra on fee in such a short amount of me was opposed, especially as it relates to the MSRB s overall financial status and the por on of the MSRB s budget that is dedicated to MA ini a ves. MSRB Rule G 20: Gi s. While suppor ng the overall intent of the Rule, our le er focused on areas that need clarifica on in order for MAs to properly adhere to the Rule and adopt appropriate recordkeeping procedures, and opposed any watering down of the Rule. MSRB Rule A 3: MSRB Board Composi on. Our comments suggested that the Board return to its 15 member status, and that the ve ng process be strengthened to ensure that public board members are truly public, and that the current 2 year provision requiring public board members to be independent from a regulated party, be extended. Addi onally, NAMA did not oppose extending Board member terms to four years. MSRB Rule G 37: Poli cal Contribu ons. NAMA wrote about concerns related to recordkeeping requirements and the need for guidance to be developed to ensure full understanding by MAs of the new contribu on requirements. MSRB Bank Loan Concept Proposal. NAMA wrote the MSRB strongly opposing any efforts to have municipal advisors submit bank loan informa on to the EMMA system about their client s transac ons. SEC Mee ngs. We met twice this year with key SEC officials in the offices of Municipal Securi es, Trading and Markets, and Compliance and Inspec ons. These mee ngs focused on MAs role in bank loan transac ons, compliance exams, MAs disclosure responsibili es in a transac on, and general market ac vi es. MSRB Mee ngs. We had two in person mee ngs and spoke frequently with MSRB staff on areas of importance to MAs, including guidance to ensure understanding of new MSRB rules over MAs, MAs role in bank loan transac ons, concerns with having MAs be responsible for submi ng a client s bank loan informa on as proposed by the MSRB, and general market ac vi es. Industry Rela ons. NAMA par cipated in an industry working group on disclosure, a ended the MSRB industry roundtables, and separately worked with the Na onal Associa on of Bond Lawyers, the Government Finance Officers Associa on, and other groups in areas where MA input and assistance was sought and could be beneficial. 4

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7 TESTING, ETHICS & STANDARDS COMMITTEE REPORT C CO CHAIRS: M H L K Since our last annual report, the Commi ee met on June 14 and September 8, 2016 and the following are the primary topics of discussion and ac on by the Commi ee: Code of Ethics: The Commi ee has reviewed the exis ng Code of Ethics along with codes or guidelines adopted by member firms and other professionals in the industry (GFOA, CFA, NFMA and NABL). It has developed a recommended new Code reflec ng the changes promulgated by the MSRB and SEC regulatory mandates as well as our own tradi onal commitment to high standards and integrity. CIPMA Tes ng: The CIPMA Test was last administered in November of Following that last round of tes ng, the Board of Directors suspended the administra on of the Test indefinitely pending further study and analysis due to the administra on of the Series 50 Pilot Exam and implementa on of the Series 50 Exam. In subsequent discussions, the Commi ee recommended that the Board of Directors survey the membership to determine whether there is a large enough interest in taking the test going forward and whether given that level of interest it will be economically feasible to implement a new tes ng program. As part of the prepara on for this survey and assessment, the Commi ee requested the Execu ve Director to collect informa on on the cost of professional assistance in developing and administering a test going forward. The survey and further Commi ee and Board delibera on on this ma er will conducted be following the Annual mee ng. The following are among the ques ons that the Commi ee will consider: What should be the focus of a new test? How does a NAMA test differen ate an MA? Assuming a change in focus, should all current CIPMA holders be asked to retake the new test? How can NAMA properly design, administer, and maintain a cer fica on tes ng program? What would its cost be and how would this be managed? Should the focus of NAMA switch from tes ng and cer fica on to educa on and cer fica on? Training and Series 50: NAMA has conducted several good prac ce webinars this year regarding regulatory ma ers, and training and educa on regarding municipal advisory ac vi es, including the SEC Municipal Advisor Rule, fiduciary duty and the requirements of MSRB Rule G 42, and regulatory expecta ons surrounding gi s or poli cal contribu ons. Addi onal webinars are planned for calendar 2016 to focus on core municipal advisory prac ces assis ng issuer clients. Details as to the subject, date and me will be provided via to members. Regarding the Series 50 exam, the final exam is now available for registra on, and the MSRB has published a list of those who successfully passed the pilot test offered this past January and February. The results may be found here: h p:// It is strongly encouraged that firms and individuals review the list as pertains to their firm to make sure that it accurately reflects all of those that have in fact passed the test. 7

8 MEMBERSHIP COMMITTEE REPORT C C C : T K S S NAMA s Membership Commi ee carries out strategies and programs for membership growth and is responsible for the recruitment and ve ng of NAMA member candidates has been an exci ng year as NAMA s ranks have grown across all membership categories. The Board of Directors has approved the following applica ons since the 2015 conference in Charleston: Firm Members: Affiliate Members: * American Deposit Management * Goldberg Group Architects Larry Goldberg * Capital Public Finance Group, LLC * Piper Jaffray Todd Goffoy * KPM Financial * Tennessee U lity Assistance LLC Mark Butler * London Wi e Group LLC * Public Economics, Inc. Associate Members: * Public Resource Advisory Group * Baystone Government Finance * SJ Advisors, LLC * Kansas State Bank * Dinsmore Compliance Services NAMA membership currently stands at 42 firm members, 5 affiliate members and 3 associate members. 8

9 NAMA MEMBERS: FIRM, AFFILIATE & ASSOCIATES Firm Members: American Deposit Management * AMKO Advisors * Bartle Wells Associates Bendzinski & Co. Municipal Finance Advisors Blue Rose Capital Capitol Public Finance Group, LLC * ComCap Advisors, a div. of Community Capital Community Development Associates, LLC DIXWORKS, LLC Ehlers Inc. Fieldman, Rolapp & Associates Financial S&Lutions LLC First River Advisory LLC Fiscal Advisors & Marketing, Inc. Government Financial Strategies, Inc. Guardian Advisors Harrell & Company Advisors, LLC Independent Bond & Investment Consultants, LLC Independent Public Advisors, LLC Kane, McKenna Capital, Inc. Kidwell & Company Kings Financial Consulting Inc. KPM Financial * Liberty Capital Services London Witte Group LLC * Longhouse Capital Advisors, LLC Mohanty Gargiullo LLC Munistat Services, Inc. The PFM Group Public Economics, Inc. * Public Resources Advisory Group (PRAG) * Ranson Financial Consultants, LLC SJ Advisors, LLC * Speer Financial, Inc. Springsted Incorporated Sudsina & Associates, LLC Susquehanna Group Advisors Sycamore Advisors, LLC Umbaugh WM Financial Strategies Affiliate Members: D.A. Davidson - Scott Stevenson Goldberg Group Architects - Larry Goldberg * Piper Jaffray - Todd Goffoy * Stanley P. Stone & Associates, Inc. - Stan Stone Tennessee Utility Assistance LLC - Mark Butler * Associate Members: Baystone Government Finance * Kansas State Bank * Dinsmore Compliance Services * Grant Street Group *New to NAMA since October 2015 Conference Municipal Solutions, Inc. MUNIGROUP 9

10 C B M P T H, CIPMA S I V P L K, CIPMA K C S C C, CIPMA F A M, I. T M S, CIPMA S A, LLC W Z D L R, CIPMA G F S, I. C Z D M B, CIPMA S F, I. E Z D H A, CIPMA U D A L S A, CIPMA F R A, LLC D A L M H, CIPMA E, I. I P P J R C, CIPMA F A M, I. E D S G NAMA 10

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13 C C : H A A big thank you to the Communica ons Commi ee members! It has been very busy this year with the help and drive from our new and fabulous execu ve director, Susan Gaffney. The commi ee s accomplishments for 2016 include: COMMUNICATIONS COMMITTEE REPORT An overhaul of the website to make it more user friendly, allow for online payment and allow for one large user database; The release of NAMA News on a bi monthly basis to increase the lines of communica ons with membership; The con nua on of this Annual Conference newsle er; and, Finally, is an announcement that NAMA is now on LinkedIn! Please join our group by searching for NAMA on the LinkedIn portal. With the ever changing world of communica ons and social media, the commi ee has many exci ng goals as 2017 approaches. For comments to NAMA s methods of communica ons, please NAMA@municipaladvisors.org. 13

14 C NAMA C M C H A, C, U M B, S F, I. S W, G F S, I. C P S A, C C, F R A LLC M B, C C, S F, I. P C, C C A T K, S I J M, E I. B O, AMKO A L R, G F S, I. M S, S A, LLC M T K, C C, K C S S, C C, S A, LLC D G, S I P A L K, C, K C K A, S I S A, F R A LLC M B, S F I. J R C, F A M, I. J H, R F C, LLC T J, F R A L K, T PFM G T, E S M H, C C, E I. L K, C C, T PFM G B C, U D D, B W A S H, H C A, LLC C H, S I J M, S I J S, M S, I. L R, G F S, I. 14

15 NOMINATIONS COMMITTEE REPORT The Nomina ng Commi ee would like to recommend the following slate of officers for approval by the NAMA Board, and then membership. The individuals proposed have each indicated a willingness to serve in the capacity indicated. Regarding the two new members highlighted in yellow, Alex Handlers is with Bartle Wells Associates, and Sco Stevenson is with D. A. Davidson. Term to Board of Directors Posi on Current Proposed Expire President Terri Heaton Larry Kidwell 2017 Vice President Larry Kidwell Mike Sudsina 2017 Midwestern Zone Director Maggie Burger No change 2017 Eastern Zone Director Heidi Amspaugh No change 2017 Western Zone Director Lori Raineri No change 2017 Director at Large Shelley Aronson Alex Handlers 2018 Director at Large Mike Harrigan Mike Harrigan 2018 Non Firm Member Sco Stevenson 2018 Past President Terri Heaton 2017 The Board also approved the appointment of the following individuals as Secretary and Treasurer. The Secretary and Treasurer will be appointed to one year terms. Welcome to the 2016 NAMA Annual Conference Officer Posi on Current & Proposed Posi on to Expire Secretary Chris ne Crowley 2017 Treasurer Mike Sudsina 2017 For the twelfth year we are proud to be a sponsor Since 1985 Stanley P. Stone & Associates has been providing quantitative and other support services to the professionals in public finance to augment their in-house resources, and since 1989 we have proudly been a member of NAMA. Our success is the result of our proven ability to deliver clear, accurate and understandable reports on a timely basis. By responding quickly to our client s needs with thorough, professional solutions to their debt financing requirements, we provide them with the ability to augment their existing resources on an as-needed basis with the highest level of public finance expertise. We believe we are the perfect resource when you re faced with a complex debt financing problem, a temporary work overload, or an unanticipated loss of personnel. For more information, please visit our website at or call Stan Stone at Please be sure to go to NAMA s new website and review your Firm Member profile. Enjoy the Conference! 15

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17 2016 NAMA ANNUAL CONFERENCE SPONSORS A special thank you again to our corporate sponsors! Platinum Gold Silver Bronze Media 17

18 As President Heaton men oned, it has been quite a year at NAMA. The development of the new website, upda ng the branding of NAMA and reorganizing the internal and administra ve func ons of the associa on have been heavy li s that put us in a stronger place today. Member pa ence and support during all of this, has been greatly appreciated. As we move into 2017, members will see addi onal func ons of the website and associa on management system put in place, expansion of content in the bimonthly NAMA News, and con nued growth in our educa onal series. All of this will serve to enhance NAMA member services and allow you to get more out of the associa on. Input and par cipa on from members are key in order to ensure that the goals and work of the associa on are in line with member expecta ons. Thus, later this Fall you will see call to service and member survey ini a ves take place, which will help guide the Board in determining the strategic priori es for 2017 and a longer term strategic plan. The role of Execu ve Director has also changed considerably this past year, and I have enjoyed turning the corner with NAMA at this cri cal me in the municipal advisory profession. There is s ll a lot of work to do internally and externally, including on the regulatory front, and increasing NAMA s posi ve presence in the greater muni bond community. These are challenges that I know we can meet by working together. I hope that you will always feel free to reach out and share any ideas you may have for the associa on or seek help with any ques ons you may have about NAMA s work. Enjoy New Orleans! Susan Gaffney, Execu ve Director EXECUTIVE DIRECTOR REPORT 18

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20 CONFERENCE HIGHLIGHTS Wednesday, October 5 2:45pm MA Prac ce Management 6:00pm Registra on Opens 4:00pm Business Mee ng 7:00pm Welcome Recep on, Hotel Monteleone Courtyard Thursday, October 6 7:00am Registra on Opens 7:45am Breakfast 8:30am President s Welcome 8:45am Keynote Address: Public Finance Ma ers The Story of Louisiana 9:30am MSRB and SEC Presenta ons 10:30am Break 10:45am OCIE Update: Exam Findings and Future 12:15pm Lunch 1:30pm Knowing Your Compliance Responsibili es 6:30pm Recep on, Broussard s Restaurant 7:30pm Annual Dinner, Broussard s Restaurant Friday, October 7 7:30am Registra on Opens 7:45am Breakfast 8:30am Bond Structuring Tricks of the Trade 10:10am Ra ng Agencies Outlook 11:15am Disclosure: What MAs Need to Know 12:30pm Lunch 1:30pm Understanding P3s 2:30pm Bank Loans and Private Placements 3:30pm Experience with OCIE Exams (closed session) Upcoming Events October 2016 December 2016 October 2017 Webinar on G-37 Submission; Free Webinar Topic: TBD Annual NAMA Conference 20