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 Last month, the MSRB published its first regulatory guidance for
solicitor municipal advisors—those
financial professionals that are paid to solicit municipal entities for
business on behalf of other types of financial professionals. The professional
activities of solicitors differ from those of other municipal advisors; however, most MSRB rules established for municipal advisors also apply to solicitors.
Our recent guidance seeks to enhance solicitors’ understanding of their
obligations when soliciting obligated persons and municipal entities such as
issuers of municipal securities and public pension plans. The guidance includes
links to many additional resources that dig deeper into the requirements, and
serves as an excellent compliance resource for all municipal advisors.
More compliance resources are
coming soon. Municipal advisors will soon receive a compliance advisory that
provides tips on addressing compliance risks and helps them assess their
supervisory controls and strengthen their understanding of MSRB rules. Importantly,
we also will soon publish guidance for dealers on implementing new mark-up
disclosure requirements, well in advance of the rule's effective date in 2018.
The MSRB knows regulatory
guidance is essential to supporting market participants who are committed to
maintaining a fair and efficient municipal market. And we are committed to
continuing to develop resources that promote regulated entities’ compliance
with new and existing standards of conduct. We also recognize that to be
effective, our guidance must be informed by input from regulated entities. Stay
tuned for evidence of our efforts here and let me know what you think at lkelly@msrb.org.
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 To
further support understanding of regulatory requirements of municipal advisors
the MSRB is hosting two webinars in June, which are open and free for all.
Municipal Advisor Representative Qualification
Examination (Series 50 Exam)
Thursday, June 15, 2017
3:00 p.m. – 4:00 p.m. ET
Staff
of the MSRB and the U.S. Securities and Exchange Commission will review the
standards of professional qualification for municipal advisors and discuss the
enrollment process for taking the MSRB’s Municipal Advisor Representative
Qualification Examination (Series 50). For municipal advisor firms that have
yet to enroll an associated person to take the Series 50 exam, the MSRB is
providing a reminder that, after September 12, 2017, only associated persons
who have passed the Series 50 exam can engage in municipal advisory activity on
behalf of the firm. Register for the webinar here.
Municipal Advisor Solicitor Guidance
Thursday, June 22, 2017
3:00 p.m. – 4:00 p.m. ET
MSRB
staff will discuss the recently published guidance on the application of MSRB rules to
solicitor municipal advisors. Under the MSRB’s mandate to protect municipal
entities and obligated persons, the MSRB has developed a core regulatory
framework for all municipal advisors. The solicitor guidance comprehensively
summarizes that framework and specifically addresses how that framework applies
to solicitor municipal advisors, which will be discussed during this webinar. Register for the webinar here.
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Stay Sharp this Summer with MuniEdPro® Courses
Continue your professional development this summer with the expanding MuniEdPro® course library. MuniEdPro® is the MSRB’s suite of interactive, online courses designed specifically for municipal market participants. Courses can benefit anyone looking to reinforce understanding of MSRB rules, strengthen market knowledge and supplement a continuing education program. Log into MuniEdPro® today to access a growing library of municipal market education for professionals. The catalog of MuniEdPro® courses includes:
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COMING SOON: "Exploring Municipal Bonds: A Course for Investors"
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NEW: “Due Diligence: Primary Offering Disclosure Responsibilities”
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NEW FREE COURSE: “Being an Informed Municipal Bond Issuer”
- “Role of the Regulator: Understanding the Municipal Securities Rulemaking Board”
- “The Decision to Borrow: Roles Responsibilities of Market Participants in Fixed-Rate, Primary Market Offerings”
- “Rules and Risks: Applying MSRB Rules in Relation to Municipal Market Risks”
For more information about MuniEdPro® or to inquire about subscription options, contact Ritta McLaughlin at rmclaughlin@msrb.org or 202-838-1306.
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Municipal Yield Curves and Market Indices
Coming Soon to EMMA®
As part of an ongoing effort to enhance the tools and information available on its Electronic Municipal Market Access (EMMA®) website, the MSRB will soon provide free public access to commonly used municipal market yield curves and indices. Market indicators, including yield curves and indices, are among the tools available to help investors and others assess market trends and the value of a municipal security. This information can be useful for understanding the general direction and performance of the market and level of municipal bond interest rates. With this new tool, EMMA users will be able to select different dates to see how a yield curve has changed over time and compare multiple yield curves from the same provider. Stay informed about future changes and enhancements to EMMA features by signing up for MSRB email updates.
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June 1, 2017: Second Request for Comment on Draft
Amendments to and Clarifications of
MSRB Rule G-34, on Obtaining CUSIP
Numbers
May 26, 2017: Proposed Rule Change to Amend MSRB Rule G-26,
on Customer Account Transfers, to Modernize the Rule and Promote a Uniform
Customer Account Transfer Standard
May 22, 2017: Federal Register Notice of Approval of Proposed Rule
Change to Rule G-3, on Professional Qualification Requirements, and Rule G-8,
on Books and Records, to Establish Continuing Education Requirements for
Municipal Advisors and Accompanying Recordkeeping Requirements (View the filing)
May 17, 2017: SEC Approves Continuing Education
Requirements for Municipal Advisors
May 11, 2017: Federal Register Notice of Withdrawal 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
May
8, 2017: MSRB Reminds Municipal Advisors that the
Series 50 Exam Deadline Is September 12, 2017
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