MSRB Monthly Update: November 2016

Municipal Securities Rulemaking Board sent this bulletin at 11/04/2016 08:59 AM EDT

New MSRB Chair Colleen Woodell Outlines Priorities

MSRB Board Member Colleen Woodell (left) assumed leadership of the Board of Directors on October 1, 2016 with the goals of addressing top investor protection issues and positioning the MSRB for the future. Among her top priorities as Chair are completing a mark-up disclosure rule for the municipal market, advancing municipal advisor professional qualifications and continuing education, and evaluating syndicate practices and improved pre-trade price transparency. Chair Woodell also plans to lead the Board through its strategic planning process to consider how the MSRB should best advance its mission to promote a fair, transparent and efficient municipal market in the years ahead. Input from market stakeholders helps inform the Board’s discussion and all market participants are invited to submit their feedback on where the MSRB should focus its efforts in the future. Read more from MSRB leadership.

Board Discussed Mark-up Disclosure and Other Topics

The Board of Directors held its first quarterly meeting October 26-27, 2016 where it discussed multiple initiatives aimed at protecting investors and promoting a fair and efficient municipal securities market, and held annual meetings with leadership of the Securities and Exchange Commission and the Financial Industry Regulatory Authority. The Board also discussed the MSRB’s mark-up disclosure proposal, improving pre-trade price transparency in the municipal market and primary market offering practice, among other topics. Read the full meeting summary.

Upcoming Events

MSRB Webinar: Municipal Advisor Registration Requirements and Process

Thursday, November 10, 2016

3:00p.m. - 4:30p.m. ET

During this free webinar, the MSRB, the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) will review the municipal advisor registration requirements and process. View the agenda. Register here.

Sharpen Your Muni Knowledge and Earn CPE Credit

Do you need to earn continuing professional education (CPE) credit? Many municipal market participants are obligated to fulfill annual CPE credit requirements. The MSRB provides several learning opportunities for municipal market participants to satisfy these requirements

Free live and on-demand webinars on MSRB regulations and market transparency systems are available for up to 1.0 CPE credit from the MSRB webinar portal.

Interactive online MuniEdPro℠ courses allow learners to earn up to 2.0 CPE credits per course. Currently available courses explore key market topics, including:

The Decision to Borrow: Roles and Responsibilities of Market Participants in Fixed-Rate, Primary Market Offerings; and
Rules and Risks: Applying MSRB Rules in Relation to Municipal Market Risks.

Visit the MSRB Education Center to access resources to help you prepare to get the most out of MSRB webinars and MuniEdPro℠ courses. Read more about the MSRB's CPE opportunities.

EMMA® Tip: Price Discovery Tool

EMMA’s price discovery tool makes it easy to get a sense of the price of a bond that hasn’t traded in a while. Find and compare trade prices of municipal securities with similar characteristics.

Start by entering your 9-digit CUSIP number. Then, you can:

Adjust search parameters to find securities with similar characteristics
See a side-by-side comparison of up to five bonds
Graph trade prices over time

Watch a video to learn more about using the price discovery tool.

Recent Press Releases

October 31, 2016: MSRB Holds Quarterly Board Meeting

October 12, 2016: MSRB Seeks Input on Strategic Priorities

Regulatory Round Up

November 1, 2016: Proposed Rule Change to Extend the MSRB’s Customer Complaint and Related Recordkeeping Rules to Municipal Advisors and to Modernize Those Rules

October 25, 2016: Proposed Rule Change to Establish Fees Related to the MSRB Academic Historical Transaction Data Product

October 24, 2016: Proposed Rule Change to Amend the Requirements in MSRB Rule A-4, on Meetings of the Board, Regarding the Formation of a Quorum

October 19, 2016: SEC Request for Extension of Time on 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

Federal Register Notice of Filing (September 13, 2016)

October 12, 2016: MSRB Seeks Input on Strategic Priorities

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