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 Last month, we released a long-anticipated enhancement to the MSRB’s Electronic
Municipal Market Access (EMMA®) website—third-party market indicators. EMMA now provides a daily yield
curve from the Associated Press (AP) and historical index data for five
different indices from Standard & Poor’s (S&P). We plan to soon add
another yield curve. Read more about understanding yield curves and indices in the MSRB Education Center.
Historically, municipal yield curves have not been readily available to
retail investors. We think that the availability of these new tools
on EMMA will help investors and
other market participants more easily evaluate bond prices and yields and measure
market direction and performance, and help investors and issuers make more
informed decisions. EMMA’s market indicators support our effort to provide free access to market-wide municipal securities information,
thereby expanding EMMA’s focus beyond specific securities and their unique identifiers.
Also supporting this effort is the recent addition of two calendar features on EMMA, one that displays upcoming bond offerings and one showing economic events and data releases. Taken together,
the tools and resources on EMMA can help all market participants get a better picture
of what’s happening in the market, in addition to being able to assess
individual bonds.
The MSRB will
continue to explore partnerships with additional data providers to enhance EMMA
with tools that help facilitate decision-making in the municipal market. In September, you will see a significant expansion of our market-wide statistics that will provide numerous views of top traded securities and issuers. This
work is aligned with our new strategic goal that emphasizes further evolving the EMMA website
into a platform that meets the needs of multiple municipal market participants. For more information, contact me at jbagley@msrb.org or 202-838-1307.
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MSRB Cautions Against Issuer Selection of
Underwriter’s
Counsel
Last week, the MSRB published
a market advisory and public commentary addressing the practice of issuers of municipal
securities designating or influencing the selection of underwriter’s counsel. The communications reiterate concerns first raised by the MSRB in the 1990s that
investors may be harmed in any offering process that does not properly utilize
the review, guidance and counseling of an independent, competent and
appropriately critical underwriter’s counsel. Underwriters and their counsel
play key roles in the issuance of municipal securities. It is important for all
municipal market participants that underwriter’s counsel have the independence,
expertise, experience and capacity necessary to perform the critical role of
legal counsel to an underwriter. Read the MSRB's market advisory. Read the MSRB's commentary in The Bond Buyer.
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 New MuniEdPro® Course Reviews
Suitability and Time-of-Trade Disclosure
The MSRB’s
newest MuniEdPro® course is a good refresher for individuals who sell municipal
securities. "Making Recommendations: Understanding Suitability
and Time-of-Trade Disclosure for Municipal Securities Transactions" navigates
a fictional day in the life of a financial advisor making important decisions
regarding the suitability of recommended transactions. Designed for financial
advisors and other market participants, the course also explores requirements
for disclosure of material information to investors at the time of trade. The
course, which provides two continuing professional education
credits upon completion, can also enhance a dealer compliance program. Log into MuniEdPro®
today to access a growing library of municipal market education for municipal
market professionals.
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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 Changes to MyEMMA Alerts
Do you use MyEMMA alerts to receive email notifications when new information regarding a municipal security has become available on the MSRB’s EMMA website? You should be aware of recent changes to the terms of use, including new role-based limits on the number of municipal securities for which you can create an alert. Read answers to frequently asked questions. Not yet signed up for alerts? Get started today.
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 Upcoming Webinar
What to Expect from Your Municipal Advisor
Thursday, August 10, 2017
3:00 - 4:00 p.m. ET
During this free educational webinar, MSRB staff will provide information aimed at helping issuers of municipal securities better understand what to expect from their municipal advisor. Participants will learn about MSRB rules that regulate the activities of municipal advisors and hear about the standards of professional qualifications for municipal advisors—including the Municipal Advisor Representative Qualification Examination (Series 50 exam). By September 12, 2017, municipal advisors must pass the Series 50 exam to engage in municipal advisory activities.
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August 2, 2017: Federal Register Notice of Approval on 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
July 31, 2017: SEC Approves Amendments to MSRB Rule G-26 on Customer Account Transfers
July 27, 2017: Market
Advisory on Issuer’s Designation of Underwriter’s Counsel
July 27, 2017: SEC
Approval Order for 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
July 20, 2017: Amendment
to 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
July 20, 2017: MSRB
Response to Comments Received from Federal Register Notice of Filing for
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
July 19, 2017: Proposed
Rule Change to Assess an Underwriting Fee on Dealers that are Underwriters of
Primary Offerings of Plans
July 13, 2017: MSRB
Provides Guidance on Duties of Non-Solicitor Municipal Advisors in Conduit
Financing Scenarios
July 12, 2017: MSRB
Provides Implementation Guidance on Confirmation Disclosure and Prevailing
Market Price
July 7, 2017: Federal
Register Notice of Filing of Proposed Rule Change to Amend Rule G-21(e), on
Municipal Fund Security Product Advertisements
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