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With the
start of the new year, MSRB Executive Director Lynnette Kelly (left) is reminding municipal market stakeholders of the strict financial management continually applied to the MSRB. Writing in the 2016 Annual Report, Kelly says, "In my nearly
10 years overseeing the operations of the MSRB, one of my primary
responsibilities has been to ensure that the MSRB, created by Congress in 1975,
remains financially sound and able to fulfill its statutory obligations for the
long-term. This imperative involves rigorous annual budget planning, prudent
financial management—including managing appropriate reserve levels—and the
ability to recalibrate funding sources to ensure the organization’s financial
health or to more equitably allocate fees among regulated entities." Read more about the MSRB's financial oversight on page 12 of the 2016 Annual Report.
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The MSRB will be accepting applications for its Board of
Directors beginning January 9, 2017. The Board sets the strategic direction of
the organization, makes policy decisions, authorizes rulemaking and market
transparency initiatives, and oversees MSRB operations. The MSRB is seeking
applicants to fill three public and two regulated-entity positions, one of
which is a non-dealer municipal advisor. Of particular interest are applicants with strong knowledge
of municipal securities sales and trading desk operations, and those with experience
in underwriting or syndicate practices. The MSRB is also interested in retail
and institutional investor applicants. As always, qualified candidates representing the municipal market’s
gender and minority diversity are encouraged to apply.
Interested candidates must submit an application, which will be available on
the MSRB Board of Directors Application
Portal starting
January 9, 2017. MSRB Rule A-3 outlines requirements for all applicants to the Board, including
specific eligibility requirements to serve as a public or regulated-entity Board
member.
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 MSRB Webinar: Amended MSRB Rules G-15 and G-30
on Required Disclosure of Mark-ups and Mark-downs to Retail Customers on
Certain Transactions and to Provide Guidance on Prevailing Market Price
Thursday, January
12, 2017
3:00 p.m. - 4:00 p.m. ET
During
this free webinar, staff will review key provisions of amendments to MSRB Rule G-15
on confirmation, clearance, settlement and other uniform practice requirements
with respect to transactions with customers and MSRB Rule G-30 on prices and
commissions related to disclosure of mark-ups and mark-downs on certain
customer confirmations and guidance on prevailing market price. Staff from the Financial Industry Regulatory Authority (FINRA) will join MSRB staff at the conclusion of the webinar to answer questions, as time permits, about the MSRB amendments as well as FINRA's parallel requirements for the corporate and agency bond markets. Participants may receive
one regulatory ethics CPE credit upon participation in the full webinar. Register
here.
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 Next month, the MSRB will enhance the alerts feature on its Electronic
Municipal Market Access (EMMA®) website. EMMA alerts help users stay up to date when new information
about an individual security or group of securities becomes available. An improved email design will provide more information about the trade activity
or newly filed disclosure documents that triggered the alert. Users also will
be able to subscribe to individual types of continuing disclosure filings, such
as audited financial statements or bond calls. Sign up for a free MyEMMA account to create and manage EMMA
alerts.
Stay
informed about future changes and enhancements to EMMA alerts and other EMMA
features by signing up for MSRB email updates.
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 Still trying to pinpoint a resolution for the new year? If becoming a municipal market expert is on your list, MuniEdPro℠ can help. These interactive, online courses are designed to strengthen knowledge of municipal market activities and reinforce the learner's understanding of municipal market regulations.
Courses include "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." New courses are added regularly.
For more information, contact the MSRB's Chief Education Officer, Ritta McLaughlin, at rmclaughlin@msrb.org or 202-838-1306.
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