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SEC’s Gallagher Speaks on Municipal Securities Market

At the Municipal Securities Rulemaking Board’s inaugural Municipal Securities Regulator Summit recently, the U.S. Securities and Exchange Commission’s (“SEC”) Daniel Gallagher shared with attendees the SEC’s efforts to review the municipal securities market. A few years ago, the SEC held public hearings in on the municipal securities market. The hearings eventually led to the 2012 Report on the Municipal Securities Market. During his speech in Washington D.C., Gallagher discussed various issues facing municipal securities markets, such as riskless principal transactions, post-trade price transparency, the best execution issues related to retail customers, and threats posed by pension and other post-employment retirement. Read More.

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SEC’s Gallagher Wants More Pension Plan Accounting Amendments

Last month at the Municipal Securities Rulemaking Board’s securities regulator summit, the U.S. Securities and Exchange Commission’s (“SEC”) Daniel Gallagher voiced concerns over the Governmental Accounting Standards Board’s (“GASB”) lack of amendments regarding pension plan accounting for state and local governments. Despite praising GASB Statement (GASBS) No. 67, Financial Reporting for Pension Plans, and GASBS No. 68, Accounting and Financial Reporting for Pensions, for being a good starting point, the SEC Commissioner believes more amendments requiring state and local governments to publicly disclose complete range of their pension obligations and other post-employment benefits (OPEB) are necessary. Currently, it is estimated. Read More.

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