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 This summer the MSRB is
continuing its analysis of proposed regulatory changes to help improve
investors’ understanding of the true cost of municipal securities transactions.
The goal of this work is to provide investors with information that reflects
remuneration dealers receive when transacting in municipal bonds in a principal
capacity.
The MSRB’s efforts
include finalizing regulatory guidance proposed in February 2016 on how dealers price bonds and
calculate mark-ups or mark-downs, and finalizing proposed rule amendments to require confirmation disclosure of mark-ups
for specified principal transactions with retail customers. The MSRB is coordinating with the Financial Industry Regulatory Authority (FINRA) on a parallel mark-up disclosure initiative for transactions in other debt securities. When the MSRB Board of Directors meets in late July, it plans to discuss the proposed regulatory guidance and the proposed rule amendments, and any possible changes before submitting them to the Securities and Exchange Commission for approval.
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To address a need for high-quality educational content about the municipal market, the MSRB plans to launch a suite of
interactive, online courses designed specifically for market
participants this fall. The MSRB’s MuniEdPro℠ courses will provide up-to-date
content relevant to municipal market activities and MSRB regulations. Each
MuniEdPro℠ course will allow the learner to apply MSRB rules to real-world
scenarios. Continuing education credit will be available through MuniEdPro℠,
and the courses supplement the MSRB's existing library of free
regulatory webinars.
Read more about MuniEdPro℠.
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 Never miss a new feature on EMMA by subscribing to EMMA Updates from the MSRB. This
month, the MSRB created a new Tools and Resources
section on EMMA to provide direct access to:
- EMMA's new economic
calendar, showing upcoming macroeconomic events and reports that may have an effect
on the financial markets;
- MyEMMA email alerts
service for tracking new information about particular securities on EMMA;
- EMMA's Price Discovery
Tool for finding and comparing prices of municipal securities; and
-
EMMA Trade Monitor, a
free trade price export service for state and local governments.
Read a brief
history of EMMA enhancements since its launch.
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 MSRB Webinar: Application of MSRB Rule
G-37 on Political Contributions and Prohibitions on Municipal Advisory
Business to Municipal Advisors, and Related Amendments to MSRB Rules G-8
and G-9.
Thursday, July 7, 2016
3:00p.m. - 4:00p.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.
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