MSRB Monthly Update: January 2017

Jan 2017 Monthly Update Header

Financial Oversight Remains Top Priority

Lynnette Kelly New

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.

New Board Member Application Window Opens January 9

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.


Upcoming Events

Calendar of Events

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

Get More Information in Your Inbox with Enhanced EMMA® Alerts

emma alerts

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.

Enhance Your Municipal Market Expertise with MuniEdPro℠

Discover MuniEdPro

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 or 202-838-1306.

Recent Press Releases

January 6, 2017: MSRB Publishes 2016 Annual Report and Audited Financial Statements

Regulatory Round Up

January 6, 2017: Request for Comment on Draft Amendments to MSRB Rule G-26 on Customer Account Transfers

January 3, 2017: An updated PDF version of the MSRB Rule Book is now available online.

December 13, 2016: SEC Request for Extension of Time on Proposed Rule Change to Extend the MSRB’s Customer Complaint and Related Recordkeeping Rules to Municipal Advisors and to Modernize Those Rules