MSRB Monthly Update: June 2016


MSRB Continues Work on Mark-up Disclosure

RegNotice 2016-17

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.

MSRB to Launch E-Learning Courses

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℠

EMMA® Tip: Keep Up with EMMA Enhancements


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.

    Upcoming Events

    Calendar of Events

    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.

    Recent Press Releases


    June 27, 2016: MSRB Adds Economic Calendar to EMMA

    June 21, 2016MSRB Makes ABLE Offering Documents Available on EMMA

    Regulatory Round Up

    June 15, 2016: MSRB Revises Content Outline for the Municipal Advisor Representative Qualification Examination

    May 31, 2016: MSRB to Launch Permanent Series 50 Exam September 12, 2016


    May 11, 2016: Proposed Rule Change Consisting of Amendments to MSRB Rule G-12, on Uniform Practice, Regarding Close-Out Procedures for Municipal Securities



    May 5, 2016: Proposed Rule Change Consisting of Amendments to the MSRB's Amended and Restated Articles of Incorporation