What Lies Ahead? TSLI 16th Annual Tax & Securities Law Institute February 22-23, 2018 Phoenix, AZ JW Marriott Phoenix Desert Ridge Resort & Spa
TSLI 2018 - What Lies Ahead? The municipal bond market is in a state of flux, and upcoming changes may be significant. If tax reform becomes a reality, resulting in lowered corporate and individual tax rates, there will be direct effects on the market. LIBOR is poised to disappear in 2021, leaving open the question of what happens with loans and swaps that are LIBOR-based. We know from recent events that the SEC is ramping up enforcement efforts (including against lawyers and other professionals) and is becoming more involved in disclosure issues. The IRS is changing its audit procedures, including no longer identifying what leads to an examination. While we cannot predict the future, we can analyze these developments in a manner that will assist us and our clients moving forward. Institute Highlights General Session - A View From the Outside Thursday, February 22 8:15am - 9:30am What happens when an attorney engaged in the private practice of municipal bond law decides to leave that practice, but remains connected to the municipal marketplace? Our panel will be comprised of lawyers who have taken legal or business positions with corporations and government entities involved in the bond market. Our panelists will provide their perspectives on the issues that are most critical to them when dealing with bond lawyers in private practice, how those relationships succeed (or fail), and what they look for (and avoid) when seeking outside counsel to represent them. Luncheon followed by Speaker Thursday, February 22 12:30pm - 2:45pm Artificial Intelligence and the Law: Science Fiction or Science Fact? (featuring Andrew Arruda) Andrew Arruda is the CEO and Cofounder of ROSS Intelligence, a pioneering artificial intelligence company in the legal space. ROSS builds AI tools for lawyers to enable them to provide new services and create efficiencies for their clients. Arruda, an attorney by education and training, will talk about the development of artificial intelligence generally as well as its evolving application to the practice of law. Although most of us are aware that artificial intelligence exists and is expanding, we are likely to think of it in terms of our livelihood and potential threats to us. Arruda will speak to these concerns and explore the types of benefits that can be realized by tailoring artificial intelligence to our practices today, as well as how AI is already changing industries such as health, finance, and transportation. Spoiler alert: lawyers are not getting replaced by robots. Welcome Reception Thursday, February 22 5:45pm - 6:45pm On Thursday evening, NABL will host a reception for all attendees. This Welcome Reception always provides a great opportunity to visit with bond lawyers from across the country and meet with government and industry representatives. Chair Stephen E. Weyl Butler Snow LLP Boston, MA Vice Chair Darren C. McHugh Stradling Yocca Carlson & Rauth, P.C. Denver, CO
out Session Tracks Securities Track The Institute will explore the latest developments in the securities law area as well as some recurring issues. The Hot Topics in Securities Law panel will be dictated by the then-most current issues facing securities practitioners. The SEC Enforcement panel will analyze specific enforcement scenarios as well as any recent legislative or regulatory initiatives or administrative or judicial determinations. The Primary Disclosure Issues panel will examine current primary disclosure issues, including the extent to which increased regulatory scrutiny and enforcement (e.g., MCDC) has affected primary disclosure of financial and operating information and disclosure issues relating to potential tax reform and the phasing out of LIBOR. Public Offerings, Limited Public Offerings and Private Placements will explore the distinctions among these vehicles for the sale of municipal securities and the roles of investment bankers and municipal advisors in these offerings. A new panel, Advanced Issues in Tax Law for Securities Lawyers, will focus on how specific tax issues (e.g., refunding and reissuance issues) affect how transactions must be structured as well as the range (and purposes) of tax law disclosures in offering documents. Tax Track Enforcement efforts, new audit procedures guidelines, new management contract rules, and refunding planning and compliance will continue to dominate our practice in the new year, and TSLI will have panels that specifically provide more in-depth discussion on each of these topics. The Private Activity Bond Test panel will explore advanced issues regarding measuring private business use and private payments, public-private partnerships, and multipurpose issue allocations. Similarly, the Refunding and Reissuance panel will explore advanced topics in refunding transactions, including application of the hedge bond and the multi- purpose allocation rules applicable to refunding transactions. In addition, given the increasing activity of the SEC in the municipal bond market, a new panel Advanced Issues in Securities Law for Tax Lawyers will introduce, reacquaint, and expand tax lawyers knowledge of the securities laws applicable to municipal finance transactions, with a particular emphasis on materiality, change in law disclosure issues, and continuing disclosure obligations. As always, Tax Hot Topics and Tax Enforcement will focus on new developments and areas of current concern, including a review of any new guidance (such as the revised proposed TEFRA regulations and current guidance on audits). Ethics Panel The Ethics Panel will take an in-depth look at the ethical issues affecting counsel in municipal finance transactions and the application of ethics rules to selected topics, with an emphasis on the effects of cyber-security and technology. The panel will consider the concerns that arise with the continuing expansion of the use of technology and its interaction with rules relating to client confidentiality, file retention, and competency. The panel also will discuss insurance issues relating to information technology security. Joint Panel The Joint Panel will discuss tax, securities and general law issues in the context of the anticipated cessation of the LIBOR interest rate index in 2021. The panel will consider the effect of the discontinuance of LIBOR on various LIBOR-based provisions in interest rate swaps and bond documents and explore strategies for substituting a replacement index. The panel also will examine the effects of discontinuance under tax reissuance rules and securities disclosure laws and general considerations affecting bondholders. Registration & Attendance Registration Fees $895 per NABL member $1340 per Non-member* TSLI is designed for individuals who have five or more years of experience in the municipal finance area. It is open only to NABL members. NABL membership is by individual and not by CLE Credit firm. The number of registrants is limited, determined on a firstcome, first-served basis. *TSLI is a NABL members-only event. The non-member rate of $1340 includes the cost of the event plus a paid membership through 2018. All attendees must be paid NABL members at the time of the event. For more information and to join, visit www.nabl.org. The Institute offers the ability to earn up to 11 hours of CLE credit, depending on the jurisdiction, including ethics credit. This is an excellent opportunity to keep current with your law specialty and easily fulfill your mandatory CLE requirements. NABL will apply for continuing legal education credits, including ethics and professionalism credits, from those states that have mandatory CLE requirements. The necessary forms will be available at the program.
Schedule at a Glance Wednesday February 21 Thursday February 22 Friday February 23 5:00pm 7:00pm NABL Check-in Desk Open 7:00am 5:45pm NABL Check-in Desk & Sponsor Tables Open 7:00am 8:00am Continental fast 8:15am 9:30am 9:30am 9:45am 9:45am 11:00am 11:00am 11:15am 11:15am 12:30pm 12:30pm 1:45pm 1:45pm 2:45pm 2:45pm 3:00pm 3:00pm 4:15pm 4:15pm 4:30pm 4:30pm 5:45pm 5:45pm 6:45pm General Session: A View From the Outside out 1: (J-1) (S-1) (T-1) (T-4) out 2: (E-1) (S-2) (T-3) Luncheon Artificial Intelligence and the Law: Science Fiction or Science Fact? out 3: (S-3) (S-5) (T-1) (T-2) out 4: (S-1) (S-4) (T-3) (T-5) Welcome Reception 7:00am 12:30pm 7:00am 11:00am 7:00am 8:00am Information Desk Open Sponsor Tables Open Continental fast out 5: (J-1) (S-2 - Closed Session Practitioners Only) (T-2 - Closed Session Practitioners Only) out 6: (E-1) (S-5) (T-5) 8:00am 9:15am 9:15am 9:30am 9:30am 10:45am 10:45am 11:00am 11:00am 12:15pm out 7: (S-3) (S-4) (T-4) out Session Topics TSLI will offer 12 breakout session topics dealing with current issues of securities law, tax law and ethics. Government participants will join several of the panels, offering attendees the most up-to-date views of industry regulators. Please indicate your topic preferences on your registration form so that panels can be appropriately scheduled to accommodate interest. Please note, however, that as developments warrant, the topics shown may need to be adjusted to address current developments in the area. Securities Law (S-1) Hot Topics in Securities Law (S-2) SEC Enforcement (S-3) Primary Disclosure Issues (S-4) Public Offerings, Limited Public Offerings and Private Placements (S-5) Advanced Issues in Tax Law for Securities Lawyers Tax Law (T-1) Tax Hot Topics (T-2) Tax Enforcement (T-3) Private Activity Bond Tests (T-4) Refunding and Reissuance (T-5) Advanced Issues in Securities Law for Tax Lawyers Ethics Panel (E-1) Cyber Security, Confidentiality, Ethics and Public Finance Practice Joint Panel (J-1) Life After LIBOR
Accommodations & Travel Hotel JW Marriott Phoenix Desert Ridge Resort & Spa 5350 East Marriott Drive Phoenix, AZ 85054 Tel: (480) 293-5000 Rate: $309 single/double occupancy per night (plus an optional $29 daily resort fee) Reservation Link: https://aws.passkey.com/go/nablconference2018 The group guestroom rate is $309 per night single/double occupancy plus an optional $29 daily resort fee. The base rate includes a $20 daily resort credit as well as complimentary access to the main fitness center. Marriott Rewards Members will receive complimentary guestroom internet. If you are not already a member, please visit http://members.marriott.com/join/ to enroll. Daily resort fee includes the below amenities plus much more: Complimentary high speed internet access in guestroom Unlimited local and long distance calls Complimentary use of the on demand fitness classes in Revive Spa Complimentary use of Wildfire Golf Club Driving Range Complimentary use of tennis facilities, bike rental, and much more Call (888) 236-2427 to reach a reservation specialist and identify yourself as being with the National Association of Bond Lawyers to receive the group guestroom rate. You may also reserve your accommodations online using the link above (also on nabl.org). This is peak season in Phoenix, so please reserve your accommodations immediately after registering for the Institute. Attendees may extend their reservation at the group rate two days before or after the meeting. All reservations are based on space and rate availability. The reservation deadline date is Monday, January 29, 2018. A one-night nonrefundable deposit will be charged to your credit card at the time of reservation. An early departure fee will apply to guests that check into the hotel and decide to leave early. Please ensure your reservation arrival and departure dates are correct prior to checking in. Check in is at 4:00pm, and check-out is at 11:00am. Travel Air Travel/ Ground Transportation It is recommended that you fly into Phoenix Sky Harbor International Airport (PHX), which is 22 miles from the resort. One-way taxi service is approximately $65.00. To arrange luxury ground transportation, please visit www.transtyle.com Parking Daily on-site parking fee: $10 Daily valet parking: $29 Complimentary accessible parking Valet parking fee reduced to USD $19 with paid resort fee TSLI Schedule & Attire The Institute s schedule recognizes the many demands on attendees and provides regularly scheduled breaks throughout the day so you can check voicemail and e-mail. The conference will conclude at 12:15pm on Friday, allowing you to return home that same day or enjoy the Resort or to explore beautiful Phoenix. Attire for the Institute is business casual.
TSLI 18 WEB For Office Use Only: Member ID: Check #: CC#: 16 th Annual Tax & Securities Law Institute Registration Information Print or type the information requested below. One form per person. Full Name First Name on Badge (as you would like it to appear) Law Firm, Company, Employer Address City, State, Zip Telephone, Cell Email Date admitted to practice: List your Continuing Legal Education State/s & CLE Number/s: List Special Dietary and/or Accessibility Needs: Check to be omitted from the attendee roster. Registration fee $895 per NABL member $1340 per Non-member* * TSLI is a members only event, visit www.nabl.org for details on becoming a NABL member. Method of Payment Check: Make check payable to NATIONAL ASSOCIATION OF BOND LAWYERS. Check# Or Charge My: Amex Visa MasterCard Discover Credit Card Account Number Expiration Date Signature Registration Cancellation Policy TSLI registration cancellations must be received in WRITING via fax or mail. The chart below indicates the refund you will receive based on the date of cancellation: Substitutions of attendees are permitted up to the first day of the Institute. Cancellation Received By 1/3/18 Between 1/4/18-2/5/18 After 2/5/18 Refund Amount Full Refund 50% Refund No Refund out Session Topics Securities Law (S-1) Hot Topics in Securities Law (S-2) SEC Enforcement (S-3) Primary Disclosure Issues (S-4) Public Offerings, Limited Public Offerings and Private Placements (S-5) Advanced Issues in Tax Law for Securities Lawyers Tax Law (T-1) Tax Hot Topics (T-2) Tax Enforcement (T-3) Private Activity Bond Tests (T-4) Refunding and Reissuance (T-5) Advanced Issues in Securities Law for Tax Lawyers Ethics Panel (E-1) Cyber Security, Confidentiality, Ethics and Public Finance Practice Joint Panel (J-1) Life After LIBOR out Session Preferences Please select one breakout session you are most likely to attend in each time slot. February 22 GS - 8:15am - 9:30am A View From the Outside out 1 (9:45am - 11:00am) J-1 S-1 T-1 T-4 out 2 (11:15am -12:30pm) E-1 S-2 T-3 (1:45pm - 2:45pm) Artificial Intelligence and the Law: Science Fiction or Science Fact? out 3 (3:00pm - 4:15pm) S-3 S-5 T-1 out 4 (4:30pm - 5:45pm) S-1 S-4 T-3 T-5 February 23 out 5 (8:00am - 9:15am) J-1 S-2 Closed Session Practitioners Only T-2 Closed Session Practitioners Only out 6 (9:30am - 10:45am) E-1 S-5 T-5 out 7 (11:00am - 12:15pm S-3 S-4 T-4 T-2 Fax completed form to (202) 637-0217, e-mail to registration@nabl.org, or mail to: National Association of Bond Lawyers 601 Thirteenth Street, N.W., Suite 800 South Washington, DC 20005-3875