MSRB Monthly Update: March 2016

March 2016

MSRB Provides Resources on Puerto Rico Issuers

The MSRB's Electronic Municipal Market Access (EMMA®) website provides information for investors and others concerned about bonds issued by the Commonwealth of Puerto Rico and issuers within the Commonwealth. To assist those seeking information, the MSRB has compiled the following resources:


Puerto Rico

Best Execution Standard Now Applies for Municipal Securities Transactions

New MSRB Rule G-18 on best execution for municipal securities transactions became effective on March 21, 2016. The MSRB provided implementation guidance to facilitate dealers’ compliance with the new rule and ensure all investors receive the benefit of fair handling of their orders to buy and sell municipal securities.

Upcoming Events

Calendar of Events

MSRB Webinar: Duties of Municipal Advisors

Thursday, April 28, 2016
3:00 p.m.- 4:00 p.m. ET 

MSRB staff will review the key provisions of MSRB Rule G-42, including the specific duties of care and loyalty that are components of the federal fiduciary duty for municipal advisors when dealing with municipal entity clients. Register

MSRB Webinar: Political Contributions

Thursday, July 7, 2016
3:00 p.m. - 4:00 p.m. ET

MSRB staff will review the new key provisions of MSRB Rule G-37 that extend requirements to municipal advisors related to their political contributions and engagement in municipal advisory business. Register

FAQ: How Do I Submit a Trade on Good Friday?

The National Securities Clearing Corporation/Depository Trust & Clearing Corporation, the New York Stock Exchange, Nasdaq, FINRA, OTC Marketplaces and CMU/RTTM will be closed on Friday, March 25, 2016 in observance of Good Friday. Although trading activity in municipal bonds may occur on Friday, March 25, 2016, it is considered an MSRB system holiday. Read more about reporting a transaction on Good Friday.

EMMA® Tip: Free MSRB Support Helpline

Questions about using the EMMA website? Call the free MSRB Support helpline for assistance with how to submit continuing disclosures, find disclosure documents, view and compare trade data and more. Live support is available weekdays from 7:30 a.m. to 6:30 p.m. ET at 202-838-1330, or email

MSRB Support

Recent Press Releases


March 18, 2016: MSRB Lengthens Board Member Terms of Service

March 3, 2016: MSRB Publishes Annual Fact Book of Municipal Securities Data

Regulatory Roundup

March 18, 2016: SEC Approves Amendments to MSRB Rule A-3, on Membership on the Board, to Lengthen the Term of Board Member Service

March 2, 2016: MSRB Revises Effective Date for Amendments to MSRB Rule G-14, on Transaction Reporting


March 1, 2016: Proposed Rule Change to Amend Rules G-12 and G-15 to Define Regular-Way Settlement for Municipal Securities Transactions as Occurring on a Two-Day Settlement Cycle

February 23, 2016: Proposed Rule Change Consisting of an Amendment to Rule G-33, on Calculations, and an Interpretive Notice