MSRB Monthly Update - December 2013

December 2013 Bulletin
Upcoming Events

The MSRB will host an education and outreach event on January 28, 2014 in Atlanta, Georgia.  Learn more about the event.

Register to attend. Register for the webcast.

Help Improve EMMA

The MSRB is conducting an online survey of users of its Electronic Municipal Market Access (EMMA®) website to gain a better understanding of how EMMA is viewed in the marketplace and the extent to which users rely on EMMA for market information. The MSRB invites anyone with an interest in municipal market information to participate in the survey through January 8, 2014.


Highlight of the Month

MSRB Invites Public Comment on its Education Program

Providing educational content is fundamental to the MSRB’s mission to protect investors, state and local government issuers, and other municipal entities. In December 2013, the MSRB published additional details on its education program and invited municipal market participants and others to provide feedback on the types of education materials necessary to enhance market knowledge, MSRB rule compliance and the use of the MSRB’s EMMA® website. 


New and Noteworthy

New MSRB Video Addresses Roles of Participants in a Municipal Bond Issuance

The MSRB released a new educational video that explains the roles of key participants involved when a state or local government borrows money from the investing public by issuing bonds. The Issuance Process seeks to clarify for state and local government issuers the distinct roles of underwriters and municipal advisors so that they can understand the nature of their relationships with each of these entities throughout the issuance process. Additional resources for issuers are available in the MSRB's online State and Local Government Toolkit.


MA Advisors Fiduciary

MSRB Offers Resources for Municipal Advisors

As part of its approach to municipal advisor regulation that includes significant education, the MSRB published two new resources to help municipal advisors actively participate in the MSRB’s rulemaking process. Participating in the Rulemaking Process: A Guide for Municipal Advisors provides information on the many ways municipal advisors can share their input on developing rules, from commenting on formal rule proposals to attending MSRB events and webinars. A companion resource, The Municipal Advisor’s Introduction to MSRB Rules, explains the rulemaking process in greater detail, as well as the structure and format of MSRB rules.


EMMA Market Statistics

Daily Par Traded Reaches Two-Year Low

Monthly Update Stat 122013

Daily average trading volume of municipal securities decreased to $9.7 billion in November 2013, the lowest monthly average since October 2011 and 16 percent lower than the same period one year ago. While the daily average number of trades of 38,655 in November was the second lowest monthly average in 2013, it was 4 percent higher than the daily average of 37,074 in November 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 Proposes Changes to Continuing Education Program (December 13, 2013)

MSRB Enhances Protections for Investors against Unexpected Changes to Bond Authorizing Documents (December 10, 2013)

SEC Requests Extension on Consideration of Proposed Rule Changes to MSRB Rule G-47, on Time of Trade Disclosure Obligations, MSRB Rule G-19, on Suitability of Recommendations and Transactions, MSRB Rules D-15 and G-48, on Sophisticated Municipal Market Professionals, and the Proposed Deletion of Interpretive Guidance (December 3, 2013)