MSRB Monthly Update - September 2013

Municipal Securities Rulemaking Board sent this bulletin at 09/13/2013 12:23 PM EDT

MSRB Executive Director Lynnette Kelly will speak at The Bond Buyer's Annual California Public Finance Conference on September 27, 2013 in Los Angeles. Kelly and MSRB Chair Jay Goldstone will also speak at a pre-conference event hosted by the California Debt and Investment Advisory Commission on September 25.

MSRB Deputy General Counsels Michael Post and Lawrence Sandor will speak at the Bond Dealers of America National Fixed Income Conference on October 10 in Chicago.

Learn more about industry appearances of MSRB representatives.

The MSRB would like to hear from readers of the Monthly Update. Submit comments and suggestions to Sara Wist at swist@msrb.org.

Highlight of the Month

Updated Glossary Has Newly Defined Terms and Enhanced Search Capability

The Municipal Securities Rulemaking Board (MSRB) recently released a fully updated version of its online Glossary of Municipal Securities Terms, featuring newly defined terms and updated definitions that reflect changes in the municipal securities market. The updated glossary also features enhanced search functionality that suggests related terms as text is entered, and additional cross-links provide quick access to related terms.

New and Noteworthy

MSRB Provides More Resources on Disclosure

Recent SEC enforcement actions have highlighted the key role that good financial disclosure practices play in promoting a fair and efficient market and in avoiding incomplete or misleading disclosure to the municipal marketplace.

The MSRB recently published an advisory and set of guides to help issuers of municipal bonds better understand the types of financial information they must publicly disclose and how to use the MSRB’s Electronic Municipal Market Access (EMMA®) website to make these disclosures.

The guides are available in the MSRB's State and Local Government Toolkit.

MSRB Showcases EMMA Resources for Investors

The MSRB recently released a short video that showcases resources available to investors on its EMMA website. The new video, EMMA 101: An Overview for Municipal Bond Investors, is geared toward first-time users.

Municipal Securities Purchases by Customers Highest Since December 2011

The number of customer purchases of municipal securities accounted for 48 percent, or 482,598 trades, of the 1,015,421 total trades in August 2013, the highest level since December 2011 and up significantly when compared to the 42 percent in August 2012. Inter-dealer trades accounted for 31 percent, or 319,770, of all municipal trades in August 2013, lower than the 36 percent in the same period of 2012.

For more information or other statistics on municipal trading activity, continuing disclosures or variable rate resets, visit the MSRB’s EMMA website.

Regulatory Roundup

MSRB Files with SEC Revised Amendments to MSRB Rules on Retail Order Periods (September 6, 2013)

MSRB Requests Comment on Consolidated Registration Rule (August 19, 2013)

MSRB Market Transparency Advisory - Suggested Practices in Submitting of Financial Disclosures to EMMA
(August 12, 2013)

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