MSRB Monthly Update: March 2017

March 2017 Monthly Update Header

Providing Leadership for the Municipal Market

MSRB Executive Director Lynnette Kelly

One of the ways that the Municipal Securities Rulemaking Board (MSRB) fulfills its mission is by providing leadership in areas beyond its regulatory mandate that can affect the efficiency, transparency or fairness of the municipal market. One such topic is undisclosed bank borrowing by issuers of municipal securities. The MSRB has for years advocated for improved disclosure of these loans so that municipal bond investors have a clearer picture of an issuer's overall indebtedness. 


We are greatly encouraged by news that the Securities and Exchange Commission (SEC) will, for the benefit of municipal securities investors, propose regulatory changes related to the disclosure of bank loans and other alternative financings. The SEC will soon seek public comment on requiring issuers of municipal securities to provide timely access to important information regarding certain financial obligations incurred by issuers and obligated persons, which could impact an issuer’s or obligated person’s liquidity or overall creditworthiness and create risks for existing security holders. The SEC’s proposed changes are an important step in potentially increased transparency in this area.


The MSRB believes timely and complete disclosure of material information by issuers of municipal securities is essential to the integrity of the municipal market. Inadequate disclosure is a risk to investors, who need timely, accurate and complete information about a security and its issuer to make informed decisions. In our commitment to improving disclosure, the MSRB makes available a set of guiding principles for issuers seeking to enhance their disclosure practices. I welcome you to explore these principles and the entire Market Leadership area of the MSRB’s website, and learn about the topics we are monitoring for the benefit of this critical capital market.

Upcoming Events

Calendar of Events

MSRB Webinar: Request for Comment on Draft Amendments to MSRB Rule G-21 on Dealer Advertising and on new Draft MSRB Rule G-40 on Municipal Advisor Advertising


Thursday, March 9, 2017

3:00 p.m. – 4:00 p.m. ET


During this free webinar, MSRB staff will provide an overview of the request for comment on draft amendments to Rule G-21, on advertising, regarding enhancement of fair dealing provisions applicable to brokers, dealers and municipal securities dealers. Staff will also provide an overview of the provisions of new draft Rule G-40, on advertising by municipal advisors. concerning professional advertisements and principal approval for advertisements. Register here

    emma alerts

    Enhanced EMMA® Alerts Deliver More Information to Your Inbox

    As part of an ongoing effort to improve the usability of its Electronic Municipal Market Access (EMMA®) website, the MSRB recently enhanced EMMA’s automated email alerts so that users can specify the types of continuing disclosure filings that will trigger a notification. EMMA alerts users can further customize their notifications and see more detail about the securities they follow. An improved email design provides more information about the trade activity or newly filed disclosure documents that triggered the alert. Users can also 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.

    Recent Press Releases


    March 1, 2017: MSRB Seeks Comment on Draft Amendments to and Clarifications of Rule on CUSIP Numbers


    March 1, 2017: MSRB Statement on SEC Proposal to Improve Bank Loan Disclosure


    February 28, 2017: Mark Kim Joins MSRB Leadership Team


    February 28, 2017: Lakshmi Kommi Joins MSRB Board of Directors

    February 16, 2017: MSRB Requests Comment on Updating Dealer Advertising Requirements and Applying Similar Standards to Municipal Advisors


    February 14, 2017: Continuing Disclosure Timing Remains Stable


    February 8, 2017: MSRB Enhances EMMA Alerts Tool

    Regulatory Round Up

    March 1, 2017: Request for Comment on Draft Amendments to and Clarifications of MSRB Rule G-34, on Obtaining CUSIP Numbers

    February 16, 2017: Request for Comment on Draft Amendments to MSRB Rule G-21, on Advertising, and on Draft Rule G-40, on Advertising by Municipal Advisors

    February 9, 2017: Federal Register Notice of Filing of Proposed Rule Change to Add New MSRB Rule G-49, on Transactions Below the Minimum Denomination of an Issue, to the Rules of the MSRB, and to Rescind Paragraph (f), on Minimum Denominations, from MSRB Rule G-15