Takashi Iwata

Managing Director, FAS Group

New York
t: 212.820.9432
f: 212.820.9310

Takashi Iwata
Takashi’s focus, as a financial services non-attorney professional directing the FAS Group, is making sure that the firm's clients are complying with the arbitrage rebate and yield restriction rules and regulations for municipal bonds.

Takashi had worked as an actuary with a Big Four accounting firm where he developed a strong foundation in financial analysis and a high level of proficiency in spreadsheet and database applications.

Takashi has been an essential part of FAS for over 20 years. He has worked on a wide variety of arbitrage rebate and yield restriction matters, including refundings with transferred proceeds, defeasances, penalty in lieu of rebate, pooled financings, parity analysis, universal cap analysis, common fund analysis and investment analysis. He has worked on thousands of arbitrage rebate and yield restriction compliance reports for cities, counties, states, housing authorities, corporations, agencies and school districts.

Takashi is responsible for the overall day-to-day management of arbitrage services and serves as the team leader and primary contact person for the clients of FAS. Mr. Iwata mobilizes the arbitrage team to carry out the engagement in a timely and efficient manner and will coordinate all activities to ensure there is complete integration of bond law, tax law and financial analysis.

Additionally, Takashi has served as a panelist at various conferences on arbitrage rebate and yield restriction matters (e.g., New York State Government Finance Officers Association, Association of Environmental Authorities, California Debt and Investment Advisory Commission and Arbitrage Conferences for Oregon, New York and New Jersey issuers).

Professional Memberships

  • Urban Leadership Fellows Program of the Municipal Forum of New York
  • Association of Environmental Authorities
  • Government Finance Officers Association

Teaching Advance Microsoft Excel to high school students every year as part of the internship program at the Urban Leadership Fellows Program of the Municipal Forum of New York


  • Rutgers University, B.A., Mathematics and Statistics


  • Japanese