Dave Angelo Sanchez

Senior Counsel
Norton Rose Fulbright US LLP

San Francisco
United States
T:+1 628 231 6805
San Francisco
United States
T:+1 628 231 6805
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Dave Angelo Sanchez

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Biography

Dave has more than 20 years of experience in all aspects of the municipal finance market including providing advice with respect to the regulation of broker-dealers and municipal advisors, as well as acting as bond and disclosure counsel to municipal entity and obligated person clients. Dave has served as general counsel to a municipal broker-dealer where he created and oversaw the implementation of policies to ensure compliance with federal, state and local laws including the rules and regulations promulgated by the SEC, MSRB, FINRA, FPPC and other regulatory agencies.

Previously, he was an attorney-fellow in the Office of Municipal Securities at the United States Securities and Exchange Commission from 2010-2013. During this time, he was a principal drafter of both the final Municipal Advisor rule and the 2012 Commission Report on the State of the Municipal Securities Market which outlined the Commission's ongoing agenda with respect to disclosure matters in the municipal finance market. From 2004-2009, Dave served as an associate general counsel at Assured Guaranty.

Dave's clients include regulated entities as well as, cities, counties, school districts, special districts and State agencies. Previously, he was a Deputy City Attorney for the City and County of San Francisco.

A former adjunct professor at the Georgetown Law Center where he taught "The Securities Law of Public Finance," Dave is also a frequent speaker at industry conferences on municipal advisor and broker-dealer regulatory compliance issues, as well as SEC enforcement and disclosure issues related to the municipal market.     

Dave earned his J.D. from Harvard Law School, where he was executive editor of the Harvard Civil Rights-Civil Liberties Law Review. He received his B.A. in social psychology, magna cum laude from the University of New Mexico.


Professional experience

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JD, Harvard Law School, 1992
BA, magna cum laude, University of New Mexico, 1988

  • California State Bar
  • Co-author, "Municipal Advisors:  New Standards and Responsibilities" Municipal Finance Journal, Volume 37, Number 3, Fall 2016
  • Co-author, "A Series Of Firsts In Muni Bond Enforcement Since 2010," Law360, Nov. 17, 2016
  • "Compliance Roundtable" National Association of Municipal Advisors (NAMA), Panelist, June 2019
  • "Types of Legal Counsel" Government Finance Officers Association (GFOA), Panelist, May 2019 
  • "Municipal Advisor Regulatory Panel:  SEC OCIE and MSRB Update" National Society of Compliance Professionals (NSCP), Panelist, October 2018
  • "Review of Municipal Advisor Exams" National Association of Municipal Advisors (NAMA), Speaker, October 2018
  • "Playing Well in the Sandbox: Role of the Municipal Advisor" National Association of Municipal Advisors (NAMA), Speaker, October 2018
  • "SEC Update"  National Association of Municipal Advisor (NAMA), Speaker, October 2018
  • "Current Regulatory Developments" California Bond Buyer Conference, Panelist, October 2018
  • "Hot Topics in Securities Law" National Association of Bond Lawyers (NABL) Bond Attorney's Workshop, Chair, September 2018
  • "Post Issuance Considerations After Bond Sale" Indiana Public Finance Summit, Indianapolis, Speaker, August 2018
  • "Navigating a New World in Public Finance" Indiana Public Finance Summit, Indianapolis, Speaker, August 2018
  • "Compliance Roundtable" National Association of Municipal Advisors (NAMA), Panelist, June 2018
  • "Hot Topics in Securities Law" National Association of Bond Lawyers (NABL) Bond Attorney's Workshop, Chair, October 2017
  • "Increasing Market Disclosure and Pricing Transparency" California Bond Buyer Conference, Panelist, September 2017
  • "Best Practices – Being Prepared for Examinations" Municipal Securities Rulemaking Board (MSRB) Summit, Panelist, May 2017
  • "Municipal Advisors – The Developing Regulatory Framework" Financial Markets Association (FMA), Panelist, April 2017  
  • "SEC Enforcement – Recent Activity, Trends and What to Do When the SEC Calls" National Association of Bond Lawyers (NABL) 2017 Tax and Securities Law Institute, Panelist, March 2017 
  • "The Seriousness of Borrowing Money" California Society of Municipal Finance Officers (CSMFO), Panelist, February 2017
  • "Municipal Advisor Regulatory Panel:  SEC OCIE and MSRB Update" National Society of Compliance Professionals (NSCP), Panelist, November 2016 
  • "SEC OCIE Update and Municipal Advisor Exam Update" National Association of Municipal Advisors (NAMA), October 2016    
  • "Municipal Advisors – New Standards and Responsibilities" (The Relationship between Issuers and Their Consultants in the Post-Dodd-Frank Era), California Debt and Investment Advisory Commission (CDIAC), Panelist, September 2016
  • "SEC Firsts in Municipal Market Enforcement Cases"  International Municipal Lawyers Association (IMLA) (SEC Disclosure Issues), September 2016
  •  "The Development and Administration of Debt Disclosure Policies" California Debt and Investment Advisory Commission (CDIAC) (Municipal Market Disclosure), Panelist, September 2016 
  • "SEC Enforcement:  The MCDC Initiative and Ongoing Disclosure Enforcement" California Society of Municipal Finance Officers (CSMFO), Panelist, March 2016
  • "The New MA Rule – the SEC's Thinking" Illinois Association of School Boards (IASB), November 2015
  • "Regulatory Developments with Ex-Regulators" National Society of Compliance Professionals (NSCP), November 2015
  • "Marketing and Selling Leases in a Post-Stockton World" California Society of Municipal Analysts (CSMA), November 2015
  • "Municipal Advisors: Regulatory Overview and Compliance Expectations" National Society of Compliance Professionals (NSCP), November 2015
  •  "SEC Office of Municipal Securities Update and SEC OCIE Exam Process" National Association of Municipal Advisors (NAMA), October 2015   
  • "Post Mortem On MCDC And Enforcement Results: What Should We Expect In The Future?  California Bond Buyer Conference, October 2015
  • "Evolving Trends in Municipal Disclosure" The Fixed Income Analysts Society (FIASI), October 2015
  • "Electronic Trading – Market Efficiency and Why it Matters to Issuers – Impediments to Advancements" California Debt and Investment Advisory Commission (CDIAC), Panelist, October 2015
  • "Corporate Debt Management Tools and Reforms for the Municipal Market" National Institute of Public Finance (NIPF), Panelist,July 2015
  • "Compliance Roundtable for Municipal Underwriters and Municipal Advisors" Panelist, June 2015
  • "The MCDC Initiative: SEC Enforcement in Municipal Securities Disclosure" Government Finance Officers Association (GFOA), Panelist, June 2015
  • "Best Practices for Debt Management" Ohio Association of School Business Officials (OASBO), April 2015
  • "Role of a Municipal Advisor" Kern County Superintendent of Schools: Understanding and Managing Debt, November 2014
  • "The New Municipal Advisor Rules –at Work and in Play" National Association of Bond Lawyers (NABL) Bond Attorneys Workshop Super Session, Panelist,  September 2014
  • "Municipal Market Disclosure: Current Topics and Practices G-17 Disclosures from Underwriters to Issuers" California Debt and Investment Advisory Commission (CDIAC), March 2014
  • "Best Practices in Debt Management – Municipal Advisor Rule" California Society of Municipal Finance Officers (CSMFO), Panelist, 2014 
  • "Legal Considerations in a Bond Transaction" Government Finance Officers Association (GFOA), 2014
  • "The New Muni Advisor Rules – Are You Covered?  What Will Change?" Securities Industry and Financial Markets Association (SIFMA) Bond Buyer, October 2013. 
  • "MSRB Rule G-17 and Other Market Disclosure: A Pathway to Clarity or Not?" California Debt and Investment Advisory Commission (CDIAC) California Bond Buyer Pre-Conference, Panelist, September 2013 
  • "Regulatory Update:  Recent and Pending SEC and MSRB Actions" 107th Annual Government Finance Officers Association (GFOA) Conference, June 2013 
  • "SEC Municipal Advisor Rule: Considerations for Engineering Companies" American Council of Engineering Companies (ACEC), 2013
  • Chair, Municipal Advisor Forum, National Society of Compliance Professionals (NSCP)

  • National Association of Municipal Advisors

  • National Association of Bond Lawyers

  • American Bar Association

  • State Bar of California


Knowledge

Municipal advisor exposure to liability

Publication | August 8, 2017