SEC Hearing on Municipal Securities Markets

The SEC recently announced it would be holding its second hearing on the state of municipal securities markets.  According to the press release:

The Securities and Exchange Commission announced today that it will hold its second field hearing to examine the municipal securities markets at its Headquarters in Washington, D.C., on December 7. Topics will include market stability and liquidity, investor impact, and self-regulation.

That's a pretty broad set of topics, warranting the long hearing, which will last from 9 a.m. to 4:50 p.m. 

The SEC is holding the hearings because "[i]nvestors in municipal securities lack many of the protections afforded to investors in public companies and other sectors of our financial markets."  The hearings are in part to determine whether new legislation, regulations, and/or improved industry best practices recommendations are needed. 

I have to imagine something should be done, although the hearings themselves may help raise awareness of the limited oversight. Personally, I'd like to see the SEC focus on the last one first, and see where that leads.

--JPF