Dave Sanchez is taking over as director of the Securities and Exchange Commission’s Office of Municipal Securities, leaving his post advising municipal issuers, broker-dealers and municipal advisors as senior counsel for Norton Rose Fulbright.
Sanchez returns to the Commission following his tenure as attorney fellow between 2010 and 2013, where he was a principal drafter of both the final Municipal Advisor rule in addition to the 2012 Commission Report on the State of the Municipal Securities Market.
“He is an excellent choice, with strong prior experience at the Commission and in the private sector as a public finance lawyer,” said Paul Maco, a former director of the Office of Municipal Securities and now of counsel at Bracewell.
Sanchez takes over for acting director Ernesto Lanza, who was appointed in December 2021 following Rebecca Olsen’s move to the enforcement division. Lanza will be staying on SEC staff.
“Dave has a unique background of previous SEC service, work in local government, representation of MAs, underwriters and issuers while at a major law firm and service as in-house counsel to a broker dealer,” said Susan Gaffney, executive director for the National Association of Municipal Advisors. “With strong staff in place, OMS should continue its important role guiding regulatory interest and oversight in the muni market.”
The OMS director is a key position at the SEC, who reports directly to the SEC chair. OMS is tasked with being the SEC's top experts on the municipal securities market, and the commissioners take seriously the recommendations of muni office staff.
Sanchez is currently working out of Norton Rose Fulbright’s San Francisco office but will soon be making the move back to Washington D.C. He will begin his new position on April 11.
“I’m pleased that Dave is returning to the SEC as the Director of the Office of Municipal Securities,” said SEC Chair Gary Gensler. “The $4 trillion municipal bond market plays a crucial function in our capital markets, helping local governments raise the money they need to build bridges, fix roads and complete other critical projects,” he added. “Dave brings 30 years of experience and a deep commitment to public service to the helm of this important office.”
But his work in public finance runs deep. Prior to his work at the Commission, Sanchez served as associate general counsel at Assured Guaranty, deputy city attorney for the City and County of San Francisco as well as former adjunct professor at the Georgetown Law Center, where he taught “The Securities Law of Public Finance.”
Muni market advocates cheered on the Commission’s appointment.
“We are thrilled to hear that Dave Sanchez will be the next OMS director,” said Michael Decker, senior vice president for research and public policy at the Bond Dealers of America. “The Commission will benefit from the depth and variety of experience inside government and out that Dave brings to the job,” he added. “We look forward to working with him and the rest of the OMS team.”
“An outstanding choice that the municipal bond market will welcome. Experienced and a superb lawyer,” said Chuck Samuels, member at Mintz Levin and counsel for the National Association of Health & Educational Facilities Finance Authorities.
“I’m thankful for the opportunity and I look forward to returning to the SEC to lead a team of dedicated public servants to help advise the Commission on the municipal securities market,” Sanchez said.
