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Robert Doty

author Image Robert Doty is president of AGFS, a private consulting company in Sacramento, California. He has authored half a dozen books, including the “Bloomberg Visual Guide to Municipal Bonds” (Bloomberg Press, 2012), and over 80 articles on finance. His website is agfs.com.

Articles by this Author

Areas of Expertise: municipal finance, securities law application to municipal securities transactions and parties, disclosure practices in the municipal securities market, fiduciary duties and roles and responsibilities of parties involved in municipal securities transactions

Websites: www.agfs.com, www.gfsi.com

Books:Bloomberg Visual Guide to Municipal Bonds,” “From Turmoil to Tomorrow—The Emerging New World of Municipal Finance,” “Securities Law for Municipal Finance Advisors”

Topics Presented in Speeches: “From Turmoil to Tomorrow: The Emerging New World for Municipal Finance;” “Expert Work Products White Paper;” “Rules of Engagement: Inside the SEC’s Muni Market Project;” “The Substantial Municipal Market Changes During the Financial Crisis;” “Steps for Pro-Active Issuers;” “Looming Traps for Unsophisticated Issuers;” “Recent Securities Law Developments Affecting Municipal Issuers;” and “Municipal Securities Issuer Responsibilities”

Email: Robert.Doty@agfs.com, Robert@gfsi.com

Robert Doty is general counsel and senior vice president of Government Financial Strategies, a Sacramento registered municipal adviser to municipal securities issuers. He also is president of AGFS, a private consulting firm.

Doty has been involved for decades in the finance industry as a financial adviser, special consultant, investment banker, bond and securities lawyer, and academician. He has participated in the completion of billions of dollars of financial transactions, including representations benefiting more than 150 governmental entities in approximately two dozen states. Doty has participated in the issuance of a significant variety of municipal securities for many types of governmental issuers and corporate credits, workouts of troubled bond issues, and federal and state enforcement actions.

Doty has been a leader in the development of improved municipal disclosure practices. He served for two decades in the development of disclosure guidelines and procedures respecting state and local government securities.

Doty served as a principal drafter of the Disclosure Guidelines for State and Local Government Securities and other disclosure guidelines of the Government Finance Officers Association. More recently, he served in the development of disclosure guidance from the investor side of the market for the National Federation of Municipal Analysts. He served as coordinator and reporter of Disclosure Roles of Counsel in State and Local Government Securities Offerings (1987), of the American Bar Association, and of the National Association of Bond Lawyers. Regionally, Doty served as a principal drafter of the California Debt and Investment Advisory Commission’s Guidelines for Leases and Certificates of Participation, and he was the author of papers foreshadowing the Commission’s Disclosure Guidelines for Land-Based Financings for real estate districts.

Doty has served as a member of the board of governors of the National Federation of Municipal Analysts, as the chair and a director of the Southern Municipal Finance Society, and as a director and vice president of the National Association of Independent Public Finance Advisors, and he has been for many years a member of the editorial board of the Municipal Finance Journal. He is a recipient of the Municipal Industry Contribution Award of the National Federation of Municipal Analysts and the Most Outstanding Associate Member Award of the International Municipal Lawyers Association. Doty was selected as one of five members of a U.S. delegation to the People’s Republic of China to discuss municipal finance with officials of the national government and three key cities.

Doty is the author and co-author of several books and over 80 articles on finance and related subjects, including seminal works in the 1970s at the time of the New York City default on the application of the securities laws to state and local government securities transactions. His writings have been cited favorably on a number of occasions by the Securities and Exchange Commission and in judicial decisions, and he has served as an expert witness in a number of litigation actions relating to defaulted bond issues. He received his Ll.B. from Harvard Law School and is a member of the State Bar of California and of bars in New York and the District of Columbia.

Articles by this Author

  1. The Diversity of Municipal Bonds and What You Need to Know
About Risks image

    Features »

    The Diversity of Municipal Bonds and What You Need to Know About Risks

    The bond market is split between traditional secure securities and those that are riskier, such as bonds tied to private profit-making or nonprofit borrowers.

    May 2012 | Journal