MSRB Monthly Update - January 2014

Municipal Securities Rulemaking Board sent this bulletin at 01/10/2014 09:30 AM EST

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.

The MSRB will host a webinar on its proposed rule on core standards of conduct for municipal advisors on February 6, 2014 at 3:00 p.m. ET. Learn more. Sign up for the event.

In December 2013, a Port Authority of New York and New Jersey security was the most actively traded fixed-rate municipal security with nearly 2,000 trades.

Highlight of the Month

MSRB Proposes Rule on Core Standards of Conduct for Municipal Advisors

To protect state and local governments and investors, the Municipal Securities Rulemaking Board this week advanced a cornerstone of its regulatory framework for municipal advisors by publishing a proposed rule on the duties of advisors when providing advice on municipal securities transactions and related products to their clients. The Dodd-Frank Wall Street Reform and Consumer Protection Act charged the MSRB with developing standards of conduct and qualification for municipal advisors to help safeguard the interests of state and local governments that engage the services of municipal advisors.

New and Noteworthy

MSRB Seeks Board of Director Applicants

The Board of Directors of the Municipal Securities Rulemaking Board is seeking qualified applicants to fill seven positions on the Board beginning on October 1, 2014. Read more about the MSRB's Board of Director application process.

MSRB Rule Book Now Available in Printable Format

To ensure that the digital availability of MSRB rules meets the needs of municipal securities dealers and municipal advisors, the MSRB began providing a link on its website to a comprehensive PDF format of the Rule Book that will be updated on a quarterly basis with any new MSRB rules and amendments that have become effective. The PDF version of the Rule Book allows municipal market participants to search the entire library of MSRB rules for particular keywords, and print a full version of MSRB rules effective as of the publication date. The MSRB Rules section of the MSRB’s website continues to contain the most frequently updated version of MSRB rules, and should be consulted for the current status of all rules.

View the January 2014 PDF of the MSRB Rule Book.

EMMA's Homepage is Getting a New Look

To make it easier for users of the MSRB's Electronic Municipal Market Access (EMMA®) to find important information about the municipal securities market, the MSRB is redesigning EMMA's homepage. The MSRB considered input from a broad spectrum of stakeholders to inform the redesign effort. The enhanced organization and presentation of EMMA’s homepage should help all municipal market participants discover new ways to use EMMA.

EMMA Market Statistics

Municipal Market Activity Year-End Summary

The volume of municipal securities traded in 2013 was relatively unchanged from a year earlier, with $2.82 trillion changing hands compared to $2.84 trillion in 2012. Par volume of new municipal issues coming to market last year dropped more than 12 percent to $384 billion, compared to the $440 billion issued in 2012. The number of continuing disclosures submitted to the MSRB increased nearly 5 percent in 2013 to 145,906. The MSRB’s annual Fact Book will be released soon and will include comprehensive trading, new issuance and continuing disclosure statistics.

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

Regulatory Roundup

Request for Comment on Draft MSRB Rule G-42, on Duties of Non-Solicitor Municipal Advisors January 9, 2014

MSRB Submits New Registration Rule and Form to the SEC for Approval December 24, 2013

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