MSRB Monthly Update: October 2016

Monthly Update October 2016

MSRB Congressional Activity Fall Recap

capitol dome

With Congress back in session in September, the MSRB took the opportunity to address members of Congress on a number of municipal market topics. 

On September 22, 2016, MSRB Executive Director Lynnette Kelly provided an update to Congress on municipal market transparency initiatives at a hearing of the Capital Markets and Government Sponsored Enterprises Subcommittee of the House Financial Services Committee. The hearing focused on the relationship among financial regulators, use of economic analysis in rulemaking and the MSRB’s work to foster a greatly enhanced level of transparency in the $3.8 trillion municipal securities market. Watch the testimony here


A few days earlier in a letter to Congress on the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the MSRB described the completion of its core regulatory framework for municipal advisors and the complementary education and transparency initiatives aimed at protecting municipal entities and obligated persons. Read the September 19, 2016 letter.

And earlier in the month, the MSRB offered recommendations to the Congressional Task Force on Economic Growth in Puerto Rico to assist in its preparation of a report identifying factors that could affect economic growth in Puerto Rico. Among the MSRB’s recommendations were five key principles to assist Puerto Rico issuers at all levels of government in maintaining reliable and cost-effective access to capital, and to help ensure that the path to economic growth is supported by a robust, transparent and fair municipal market. Read the September 2, 2016 letter. 


MSRB Seeks Approval of Mark-Up Disclosure for Municipal Securities Transactions

In an effort to improve investors’ ability to assess the cost of transacting in municipal bonds, the MSRB advanced a plan to require dealers to provide retail investors information about compensation dealers receive when buying municipal bonds from, or selling them to, investors. Currently, retail investors in municipal securities receive less information about the cost of their transactions than investors in the equity market. The MSRB’s plan, which was submitted to the Securities and Exchange Commission (SEC) for approval, seeks to provide municipal retail investors with meaningful and useful pricing information to help them better evaluate the overall cost of their transactions. Learn more.

MuniEdPro℠ Fall 2016 Continuing Education Courses

Discover MuniEdPro

The first two interactive, online courses from the MSRB are now available. MuniEdPro℠ courses are designed specifically to allow municipal market participants to apply MSRB rules to real-world scenarios.

The Decision to Borrow: Roles and Responsibilities of Market Participants in Fixed Rate Primary Market Offerings

Rules and Risks: Understanding MSRB Rules in Relation to Municipal Market Risks

Download the MuniEdPro℠ course catalogue.

Continuing education credit will be available through MuniEdPro℠, and the courses supplement the MSRB's existing library of free regulatory webinarsRead more about MuniEdPro.


EMMA® Tip: Keep Up with EMMA Enhancements

Last month, the MSRB enhanced the bank loan disclosure submission process and the display of these documents on its Electronic Municipal Market Access (EMMA®) websiteAccess step-by-step instructions for submitting disclosures for bank loans and alternative financings to EMMA. The MSRB will host an educational webinar geared toward issuers on submitting bank loan disclosures on Thursday, October 13. Register in the Upcoming Events section below. 

The MSRB plans to add a new issue calendar to EMMA to list municipal securities issues scheduled to come to market, integrated with final pricing scales for recently sold deals. This dynamic tool will allow investors, issuers and other market participants to view, monitor and compare bond offerings.


Never miss a new feature on EMMA by subscribing to EMMA Updates from the MSRB. Read a brief history of EMMA enhancements since its launch.

Upcoming Events

Webinar icon

MSRB Webinar: Recent Enhancements to EMMA®

Voluntary Bank Loan Disclosure Submission


Thursday, October 13, 2016

3:00p.m. - 4:00p.m. ET


MSRB staff will demonstrate recent enhancements to the EMMA website that facilitate the filing of voluntary bank loan disclosures. Register here.

MSRB Webinar: Request for Comment on Draft Rule Amendments on G-3 Professional Qualification Requirements


Thursday, October 20, 2016

3:00p.m. - 4:00p.m. ET


MSRB staff will provide an overview of the Request for Comment on Draft Rule Amendments to MSRB Rule G-3 on professional qualifications to establish continuing education requirements for certain associated persons of a municipal advisor. Register here.

Recent Press Releases


October 3, 2016: MSRB Seats New Board and Announces Priorities for New Fiscal Year

October 3, 2016: SEC, FINRA, MSRB to Hold Compliance Outreach Program for Municipal Advisors 

September 30, 2016: MSRB Requests Comment on Establishing Continuing Education Requirements for Municipal Advisors


September 27, 2016: MSRB Seeks Comment on Creating New Rule to Clarify Minimum Denomination Provisions 

September 26, 2016: MSRB Improves Bank Loan Disclosure on EMMA Website

September 20, 2016: MSRB Updates Congress on Completion of Core Regulatory Framework for Municipal Advisors

September 14, 2016: MSRB to Facilitate Municipal Market Research with New Academic Data Product


September 6, 2016: MSRB Leverages Learning Technology to Offer Municipal Market Education


September 2, 2016: MSRB Seeks Mark-up Disclosure for Municipal Securities Transactions

Regulatory Round Up

October 1, 2016: An updated PDF version of the MSRB Rule Book is now available online.

September 30, 2016: Request for Comment on Draft Provisions to Establish a Continuing Education Requirement for Municipal Advisors


September 27, 2016: Second Request for Comment on Draft Provisions on Minimum Denominations 


September 14, 2016: SEC Approves MSRB Academic Historical Transaction Data Product 

September 1, 2016: Proposed Rule Change to MSRB Rules G-15 and G-30 to Require Disclosure of Mark-Ups and Mark-Downs to Retail Customers on Certain Principal Transactions and to Provide Guidance on Prevailing Market Price 

August 19, 2016: SEC Approves Amendments to MSRB Rule G-12 on Close-Out Procedures

August 12, 2016: Proposed Rule Change to Delay the Due Date for Certain Submissions Under Rule G-45 and Provide Guidance on the Application of Rules G-42 and G-44 to Municipal Advisors to Sponsors or Trustees of Municipal Fund Securities