The new National Federation of Municipal Analysts chair wants to increase the group’s visibility in Washington and push for best practices in interim financial disclosures from governments and municipalities.
Nicole Byrd, a senior investment professional in the municipal credit research team at Nationwide in Columbus, Ohio, wants to work with industry groups to get access to unaudited interim financials, an interest the group appears to share with regulators.
“We’re really going to try to work with industry groups and just promote awareness that we’re asking for materials that are already being produced internally,” Byrd said.
Securities and Exchange Commission Chair Jay Clayton has said he wants to see more timely annual financial reporting and interim financial reporting from issuers.
Issuers have been worried that a discrepancy between interim and audited financials could cause them to be accused of misleading investors and even charged with fraud. The SEC’s Office of Municipal Securities explained on a call to market participants in October that for that to happen, there would need to be intent to defraud when producing interim financials.
SEC staff is putting together a legal bulletin which is set to come out soon, which will clarify the SEC stance on anti-fraud laws related to interim financial disclosures.
Lisa Washburn, managing director at Municipal Market Analytics, is NFMA’s new industry and media liaison, a position previously held by Bill Oliver. Washburn was NFMA’s chair in 2016. Oliver stepped down from the role at the end of 2019.
Washburn hopes the SEC’s work will further NFMA’s cause for interim financial information. Washburn will also continue NFMA’s efforts to connect with industry groups, the SEC, the Municipal Securities Rulemaking Board and lawmakers. NFMA is one of the Government Finance Officers Association’s disclosure working group members.
“I really want to make sure we have a seat at the table for all important industry discussions so we will be monitoring what’s going on in the marketplace and other topics that are coming up to the extent that they affect investors,” Washburn said.
Byrd plans to focus internally on NFMA’s own internal affairs through increasing diversity and inclusion.
“I’d like to see outreach to minority and women’s colleges and universities and establishing a mentorship program for newer members,” Byrd said. “I would also encourage women to specialize in what are perceived as harder sectors. We could hopefully accomplish that through a mentoring program.”
Byrd got her start in the municipal market when getting her bachelor’s degree in business economics from Mills College in Oakland, Calif. There, as part of the college’s economics honor society, Byrd met with S&P Global, based in San Francisco. She accepted a job at S&P before graduation rating public debt. After, she spent several years with Morgan Stanley Asset Management and MBIA before landing at Nationwide.
Byrd is pursuing a master's in business administration at Northwestern University and will graduate in June 2021.
Byrd has been on the NFMA board since 2014 and held several leadership roles at the federation. Byrd also co-authored the NFMA’s state government and local government recommended best practices.
Anne Ross, a principal consultant at Muni Credit & Compliance Advisors, is NFMA's new vice chair. Rachel Barkley, vice president in the analytical services division of Loop Capital Markets, is NFMA's new treasurer. Mark Capell, a managing vice president at Build America Mutual, is secretary.
NFMA was established in 1983 and has about 1,300 members who represent mutual funds, insurance companies, broker-dealers, bond insurers, rating agencies and financial advisory firms, among others.
