MSRB Monthly Update: January 2016

MSRB Monthly Update: January 2016

New Rules Coming in 2016
Core Conduct Rule for Municipal Advisors among New MSRB Regulations

In the new year, several new MSRB regulations will take effect to promote the fairness and efficiency of the municipal securities market. Among these is the cornerstone of the MSRB’s developing regulatory framework for municipal advisors, MSRB Rule G-42. Effective June 23, 2016, this rule establishes core standards of conduct and duties of non-solicitor municipal advisors when engaging in municipal advisory activities, including their fiduciary duty to municipal entity clients. The MSRB plans to host a webinar to review the key provisions of MSRB Rule G-42 on Thursday, April 28, 2016 at 3:00 p.m. ET. Register for the webinar.

Other requirements taking effect this year include:

  • Best Execution Standard for Municipal Securities Transactions (Rule G-18 and related amendments to Rules G-48 and D-15)
    Effective March 21, 2016
    NEW View implementation guidance on complying with the new rule.

  • Annual Certification of Municipal Advisor Supervisory and Compliance Processes (Rule G-44)
    Effective April 23, 2016

  • Prohibition on Municipal Advisor Gift-Giving (Rule G-20 and related amendments to Rule G-8)
    Effective May 6, 2016
    The MSRB plans to host a webinar to review the key provisions of amended MSRB Rule G-20 on Thursday, March 24, 2016Register for the webinar.

  • Enhancements to Availability of Post-Trade Municipal Securities Data (Rule G-14)
    Effective May 23, 2016

Upcoming Events

Calendar of Events

February 3, 2016: Compliance Outreach Program for Municipal Advisors
The MSRB, the SEC and the Financial Industry Regulatory Authority (FINRA) will hold a compliance outreach program for municipal advisors in Philadelphia, PA. The event will provide municipal advisor professionals a forum to discuss recent exam findings, regulatory issues and compliance practices with regulators. View the agenda.

The event also will be webcast live on the SEC website.

Register for the program.

Exam Window Open: Series 50 Pilot Exam

The exam window is open for the pilot Municipal Advisor Representative Qualification Exam (Series 50) January 15, 2016 – February 15, 2016.

For more information regarding the Series 50 pilot exam, see the MSRB’s Regulatory Notice 2015-15

FAQ: What is the Difference Between an Issuer and an Obligor?

A Closer Look

An issuer is a municipality that issues debt. It can be a state, territory, political subdivision, municipality, or governmental agency or authority that raises funds through the sale of municipal securities.


An obligor is the party having a financial obligation or arrangement to make the payment of all or part of debt service on municipal securities. The obligor is often the issuer but may be a conduit borrower of municipal securities proceeds.


Go behind the jargon with the MSRB's Glossary of Municipal Securities Terms.

Recent Press Releases


January 11, 2016: MSRB Publishes 2015 Annual Report and Audited Financial Statements

January 6, 2016: MSRB Requests Comment on Modernizing Close-Out Procedures

January 4, 2016: MSRB Seeks Board of Directors Applicants

December 24, 2015: MSRB to Implement Core Conduct Rule for Municipal Advisors

December 16, 2015: MSRB Seeks SEC Approval of Pay-to-Play Regulations for Municipal Advisors

December 1, 2015: Regulators to Hold Compliance Outreach Program for Municipal Advisors

Regulatory Roundup

January 13, 2016: SEC Approves New MSRB Rule G-42 on Duties of Non-Solicitor Municipal Advisors and Related Amendments to MSRB Rule G-8

January 6, 2016: Request for Comment on Amendments to MSRB Rule G-12 on Close-Out Procedures

January 4, 2016: MSRB Seeks Applicants for Board of Directors

December 16, 2015: Proposed Rule Change to Rule G-37, on Political Contributions and Prohibitions on Municipal Securities Business, Rule G-8, on Books and Records, G-9, on Preservation of Records, and Forms G-37 and G-37x

December 4, 2015: Proposed Rule Change to Amend Forms G-37, G-37x and G-38t to Change the MSRB's Address on the Forms