Ed Fierro serves as bond counsel, disclosure counsel, underwriter’s counsel and purchaser’s counsel in a spectrum of public finance transactions. He also counsels municipal issuers, obligated persons and regulated entities on legal, regulatory and policy issues. Ed provides clients with a comprehensive understanding of the application of federal securities laws when analyzing regulatory, compliance and enforcement issues.
Previously, Ed served as senior counsel to the director of the Securities and Exchange Commission’s (SEC) Office of Municipal Securities. In this role, he was responsible for coordinating the SEC’s municipal securities activities and administering the rules pertaining to the municipal securities market. While at the SEC, Ed was instrumental in executing the SEC’s short-term fixed income market structure initiatives, implementing the municipal advisor regulatory regime, reviewing examination findings and enforcement actions, and proposing amendments to Rule 15c2-12.
His experience in the municipal securities industry also includes working in the legal and compliance departments of two investment banks. In those roles, Ed advised on legal, compliance and regulatory issues related to sales, trading and underwriting of municipal securities, including ensuring compliance with applicable rules promulgated by the SEC, the Municipal Securities Rulemaking Board (MSRB) and Financial Industry Regulatory Authority (FINRA). Ed also previously served a combined six years in the United States Army and California National Guard.
Recent Notable Matters
City of New York, New York — co-underwriter’s counsel in connection with the issuance of $1.2 billion aggregate principal amount of General Obligation Bonds of the City of New York, NY, Fiscal 2019 Series D, Subseries D-1 through D-4 and, $154.530 million aggregate principal amount of remarketed Fiscal 2008 Series J, Subseries J-3 and J-11 Bonds, dated December 18, 2018, which consisted of $700 million aggregate principal amount of Series D, Subseries D-1 tax-exempt fixed rate serial bonds issued for capital purposes; $223.255 million aggregate principal amount of Series D, Subseries D-2 taxable fixed rate serial bonds issued for capital purposes; $126.745 million aggregate principal amount of Series D, Subseries D-3 taxable fixed rate serial bonds issued for capital purposes; $150 million aggregate principal amount of Series D, Subseries D-4 tax-exempt adjustable rate term bonds issued for capital purposes; and $154.530 million aggregate principal amount of remarketed Fiscal 2008 Series J, Subseries J-3 and J-11 Bonds
Publications and Speeches
“New World of Disclosure – Preparing for the Amendments to Rule 15c2-12,” Government Treasurers Organization of Texas, February 25, 2019.
“Regulatory Panel,” The Bond Buyer’s Texas Public Finance Conference, February 12, 2019.
“Spotlight on Public Finance: Rule 15c2-12 Amendments,” Bracewell Lunch and Learn, January 9-16, 2019.
“Bridging the Gap in Municipal Borrowing,” Lone Star National Bank Seminar, November 2018.
“The Role of Municipal Advisor: Regulatory Framework (Introductory and Advanced Sessions),” National Association of Bond Lawyers Bond Attorneys Workshop, October 2018.
"This Time is Different: What You Need to Know Now about the New Rule 15c2-12 Events," The Bond Buyer, August 28, 2018.
“Regulatory Panel: Recent Lessons Learned,” The Bond Buyer’s Texas Public Finance Conference, February 13, 2018.
“Municipal Advisor Firm and Principal Charged with Fraudulent Practices and Breach of Fiduciary Duty as SEC Continues Enforcement Focus,” January 4, 2018.
“Disclosure Considerations and Tax Reform,” The Bond Buyer, November 30, 2017.
“SEC’s Office of Compliance Inspections and Examinations Issues Risk Alert for Municipal Advisors,” November 9, 2017.
“National Fixed Income Legal and Compliance Roundtable: Selective Disclosure,” Bond Dealers of America, October 17, 2017.
“Hot Topics in Municipal Securities Law,” National Association of Bond Lawyers Bond Attorneys Workshop, October 4-6, 2017.
"Hurricane Harvey – After the Storm, Disclosure Considerations for Bond Issuers," The Bond Buyer, September 7, 2017.
"Deadline Near for Passing the Municipal Advisor Qualification Exam," The Bond Buyer, July 26, 2017.
“Regulatory Update: New Material Events Added to Rule 15c2-12,” The Bond Buyer’s Midwest Municipal Market Conference, June 8, 2017.
“GFOA Legislative and Regulatory Update,” Government Finance Officers Association’s Annual Conference, May 21, 2017.
“National Fixed Income Roundtable: Disclosure and Transparency,” Bond Dealers of America, May 11, 2017.