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Municipal Securities Activity by Broker-Dealers and Advisors 2013

Speaker(s): Cynthia Friedlander, David Levy, Ernesto A. Lanza, Maurine R. Bartlett, Robert A. Fippinger
Recorded on: May. 31, 2013
PLI Program #: 43204

Robert Fippinger is a senior counsel in the New York office of Orrick, Herrington & Sutcliffe, where  he specializes in the securities law of public finance. After receiving his undergraduate degree from Duke University and his law degree from the University of Michigan law school, he received a Ph.D. in 1969 at Northwestern University in its law and politics program.

Mr. Fippinger was an adjunct professor at New York University law school and Hofstra law school where he taught the securities law of public finance, and was a visiting lecturer in law at Yale University law school where he taught the constitutional, tax and securities law of public finance. He is the author of the third edition of the Practicing Law Institute's treatise entitled The Securities Law of Public Finance, which, in prior editions, has been updated annually for 20 years. He is currently serving as a member of the Municipal Securities Rulemaking Board.

Cynthia Friedlander is the Director of Fixed Income Regulation within FINRA Member Regulation. Ms. Friedlander is responsible for directing FINRA's policies and national programs related to fixed income securities, including related regulatory matters in FINRA District Offices. Specifically, she is responsible for the design, development and delivery of fixed income policy guidance to staff throughout FINRA, as well as to member firms, and is one of FINRA's primary representatives in fixed income regulatory matters with the Municipal Securities Rulemaking Board (MSRB) and the Securities and Exchange Commission (SEC). Ms. Friedlander represents FINRA at government agency, SRO, and industry and advisory meetings and is a staff liaison to FINRA's Fixed Income Committee. She holds a bachelor's degree from the University of Virginia and an M.B.A. from George Mason University.

David Levy is Managing Director in Corporate Compliance at US Bancorp where his responsibilities include providing regulatory guidance to the firm's Municipal Securities Group. Prior to joining US Bank, Mr. Levy spent many years in the legal departments of UBS and Citigroup concentrating on municipal securities issues before founding Municipal Regulatory Consulting LLC, where he provided regulatory guidance to broker-dealers and municipal advisors.  Mr. Levy is a graduate of Brooklyn Law School and the State University of New York at Albany.

Ernesto A. Lanza is Deputy Executive Director of the Municipal Securities Rulemaking Board, the federal self-regulatory organization that regulates broker-dealers, banks and municipal advisors engaging in municipal securities and other public sector financial services activities.  He currently advises on market regulation and market transparency initiatives, after having previously served as Chief Legal Officer/General Counsel leading the MSRB's legal, corporate governance and rulemaking activities.

Mr. Lanza led the design, development and launch of the MSRB's Electronic Municipal Market Access system (EMMA) as well as the development of the MSRB's long-range plan for the further evolution of its market transparency systems, and he currently continues to oversee the strategic direction of EMMA and related market transparency products.  Previously, Mr. Lanza led the MSRB's initial rulemaking and interpretive initiatives relating to broker-dealer activities in 529 college savings plans and has worked on a broad range of fair practice, suitability, pay-to-play and disclosure issues relating to municipal bonds.

Prior to joining the staff of the MSRB in 1997, Mr. Lanza was in private practice at Ballard Spahr, Greenberg Traurig and Holland & Knight.  He received his law degree in 1988 from the University of Pennsylvania Law School and his B.A. degree in Government from Harvard University in 1985.

Maurine Bartlett is a member of the Financial Services Group in the New York City office of Cadwalader, Wickersham & Taft LLP, who specializes in securities regulatory issues.  Ms. Bartlett was a Cadwalader Partner for many years and is currently a Senior Counsel. She provides ongoing regulatory guidance to major broker-dealers, derivatives dealers, hedge funds and investment advisers, has experience drafting policies and procedures to facilitate compliance with applicable regulatory requirements and assists with transaction documentation and securities offerings.  She addresses issues arising under all of the federal securities laws and regulations, including the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940 and the Investment Advisers Act of 1940, as well as under FINRA and MSRB rules. As part of her practice, Ms. Bartlett has assisted clients in connection with various enforcement proceedings, internal compliance reviews and applications to the Federal Reserve Board. She also has provided expert witness services in connection with broker-dealer arbitrations involving the margin rules and provided assistance with respect to the formation of SEC-registered broker-dealers and investment advisers.

Ms. Bartlett has given compliance presentations for a number of broker-dealers and has participated in numerous Sifma, BMA, PLI and other panels.  She is ranked as a "leading lawyer" in Chambers USA: America's Leading Lawyers for Business and has been recommended by Legal 500. She has co-authored a chapter on asset-backed securities for The Handbook of Asset-Backed Securities, as well as a chapter of the Regulation of the Commodities Futures and Options Markets treatise, and is the author of a chapter on the Glass-Steagall Act and Regulation D in The Securitization of Financial Assets

Ms. Bartlett earned her bachelor's degree with high distinction at the University of Michigan, where she was a member of Phi Beta Kappa. A magna cum laude graduate of Georgetown University Law Center, she was an Editor of the Georgetown Law Journal and served as Co-Chairman of The Barristers' Council.  Prior to law school, Ms. Bartlett worked as a legislative assistant to Congressman Philip Ruppe (R-Mich).