Mr. McNally is a partner in the Washington, D.C. office of Hawkins Delafield & Wood LLP and a member of the firm’s Management Committee. Hawkins currently serves as Disclosure Counsel to San Diego, San Francisco, Philadelphia (General Fund) and the District of Columbia, and Mr. McNally is the principal contact for each of those engagements. He was on the Board of Directors of the National Association of Bond Lawyers (“NABL”) for eight consecutive years (2004-2012), and served as President during the 2010-2011 term. He was an attorney in the Municipal Securities Branch of the Division of Market Regulation, Securities and Exchange Commission from 1976 to 1979. At the Commission, he was a member of the Municipal Securities Disclosure Task Force. Mr. McNally graduated from Georgetown University Law Center in 1976 and from the University of Pennsylvania (cum laude) in 1972.
Mr. McNally’s practice includes both a securities practice and a public finance transactional practice. He is a frequent speaker regarding the application of the federal securities laws to public finance transactions, served as Vice-Chair (2000-2001) and Chair (2002) of NABL’s Securities Law and Disclosure Committee, and was a co-editor of the initial three editions of the Federal Securities Laws of Municipal Bonds Deskbook. In connection with the turmoil in the auction rate market in 2007-2008, Mr. McNally prepared on behalf of NABL the federal securities law portion of the February 27, 2008, memorandum “Commonly-Asked Questions regarding Securities and Tax Implications of Auction Rate Bond Market Turmoil,” and co-authored the January 26, 2010, NABL advisory “Certain Federal Securities Law Aspects of ‘Tax Credit’ Bonds.”
Mr. McNally served as Project Coordinator for the Third Edition of DISCLOSURE ROLES OF COUNSEL IN STATE AND LOCAL GOVERNMENT SECURITIES OFFERINGS, a joint publication of the American Bar Association and NABL that was published in October 2009, which was referred to by the New York Times as “the new disclosure bible for municipal bond lawyers.” During Mr. McNally’s term as NABL President, NABL (with Mr. McNally as Co-Reporter) led a Municipal Market Task Force on Public Pension Disclosure, which included the AICPA, GFOA, NAST, NFMA, and SIFMA, among other organizations. In May 2012, the Task Force published its guidance, entitled “Considerations in Preparing Disclosure in Official Statements Regarding an Issuer’s Pension Funding Obligations.”
In September 2010, Mr. McNally presented testimony, at the SEC’s request, at the SEC’s inaugural field hearing in San Francisco. These field hearings were conducted across the country to provide input to the SEC as they considered what regulatory or legislative measures might be appropriate regarding the municipal market, and such measures are described in the SEC’s REPORT ON THE MUNICIPAL SECURITIES MARKET (July 31, 2012).