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MSRB's Renewed Vision for Evolving EMMA®
 As part of the MSRB's long-term strategic focus to further
evolve the Electronic
Municipal Market Access (EMMA®) website, we recently published a
renewed vision for EMMA that reflects its broad market utility and the ongoing
information needs of all market stakeholders. We launched the EMMA website
nearly a decade ago to provide retail investors with centralized, online and
free access to real-time municipal securities transaction prices and disclosure
documents. Given the broader market’s strong adoption of EMMA as an industry
utility, we believe a vision statement that captures the interests of not only
retail investors but also municipal entities, dealers, municipal advisors,
institutional investors and the public is important for future development.
We also developed a set of guiding principles to inform our
priorities for future enhancements to EMMA. By establishing these guiding principles,
we can ensure our investment in EMMA advances market transparency and
appropriately balances costs, benefits and the public interest. Read the EMMA vision statement and
guiding principles.
Meanwhile, we’re excited about the coming improvements to EMMA. During the next
year, we will begin implementing changes that were informed by a year-long
series of focus groups and input from a diverse range of market participants. These improvements include:
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- Additional third-party data providers and other enhancements
- Improved presentation of information about 1 million individual securities
- Enhancements to EMMA’s homepage navigation
- Streamlined login for users with both MyEMMA and MSRB Gateway accounts
- Transition to a searchable database of political contribution disclosures
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Municipal Bonds and Tax Reform
 The MSRB recently published an overview of the
municipal securities provisions of the current federal tax reform proposals. The document, prepared for policymakers and the media who may be unfamiliar with the market, addresses the potential repeal of advance refunding bonds, taxation of private activity bonds and taxation of bonds issued to finance professional sports stadiums. Download Municipal Securities
Provisions of the “Tax Cuts and Jobs Act” for an objective
resource on the proposed changes.
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Supporting Compliance: How Can the MSRB
Improve its Approach?
As part of its
long-term strategic goal, the MSRB is increasing its
commitment to assisting regulated entities with understanding the rules of
conduct and developing effective compliance procedures. Share your perspective
about how the MSRB can most effectively facilitate compliance with its rules to protect investors and municipal entities, and promote market efficiency. Your
feedback helps inform the MSRB’s efforts to prioritize, develop and deliver
compliance support. The MSRB is seeking public comment on its overall approach
to compliance support, including:
- Stakeholder engagement;
- Interpretive guidance, advisories, compliance resources and regulatory reminders;
- Website and email communications; and
- Coordination with examining authorities.
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Lucy Hooper: At-a-Glance
A regular feature on members of the MSRB Board
of Directors
 Like
many MSRB Board members, Lucy Hooper was first exposed to the work of the MSRB
as a member of one of its advisory committees. Her eight-year tenure on the
MSRB Professional Qualifications Committee, which develops and maintains
competency exams for municipal securities professionals, piqued Hooper’s
interest in how a self-regulatory organization developed standards for its
industry members.
“I was
intrigued by the idea of a group of highly experienced and knowledgeable
professionals creating the industry’s rules of the road to protect investors
and the integrity of the market,” she says. “What I’ve learned is that self-regulation has a good deal of ‘self,’ but also plenty of checks and balances that ensure those rules have their intended effect. The MSRB provides the expertise and resources, but the Securities and Exchange Commission and even Congress have an important oversight role.”
Hooper
joined the Board in 2015 and this year was elected Chair. Her more than 35
years of experience in the municipal securities business—the
majority at
Davenport & Company, a regional broker-dealer in Richmond, VA—inform her
contributions as a board member. “From trading and sales order flow, to bond
underwriting and retail sales, my experience helps ensure that the MSRB’s
activities – whether they be regulatory or educational—consider all the
features and intricacies of our business,” she says.
As Chair, Hooper wants to ensure that the public
at large never loses sight of the importance of the municipal securities
market. “A thriving municipal market helps build and maintain this country’s
infrastructure and supports the retirement savings of millions of Americans,”
she says. “The role of the MSRB, with its ability to reflect and address the
market’s complexities, is fundamental to the market’s longevity.”
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The
MSRB will begin accepting applications for its Board of Directors on January 8,
2018. The MSRB Board consists of 11 independent members
representative of the public, including investors, municipal entities and other
individuals that are not regulated by the MSRB. The Board also has 10 members
that represent MSRB-regulated entities, including broker dealers, bank dealers
and municipal advisors. In 2018, the MSRB is seeking applicants to fill two
public and three regulated-entity positions. Read
more about the Board of Directors.
To be considered for a position on the MSRB Board of Directors, candidates must
submit an application, which will be available on the MSRB Board of Directors Application
Portal,
in January.
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Limited-Time Offer: Access the Full MuniEdPro® Catalog at a Special Introductory Rate
 Through
December 31, 2017, dealer and municipal advisor firms can enhance their
continuing education programs for municipal finance professionals by purchasing
the full MuniEdPro® course catalog
at the discounted rate of $100 per person. MuniEdPro’s interactive, online courses may be used
to help fulfill the firm-element component of continuing education requirements
for regulated entities depending on your firm’s annual written training
plan.
For more
information about MuniEdPro® or to inquire about taking advantage of the introductory rate, contact Ritta McLaughlin at rmclaughlin@msrb.org or 202-838-1306.
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Upcoming Events
 Compliance Workshop on MSRB Rule G-42:
Understanding Advice and Recommendations
December 8, 2017, 12:30 – 1:30 p.m. ET
Register to
attend the first in a series of free virtual compliance workshops designed for
municipal securities dealers and municipal advisors. Join MSRB staff for an
in-depth discussion about key provisions of MSRB Rule G-42 on duties of non-solicitor municipal
advisors related to advice and recommendations. This workshop will follow a question-and-answer
format based on questions and suggestions from regulated entities and other
stakeholders. To submit questions in advance of any workshop or to suggest
topics for future workshops, email MSRBEvents@msrb.org.
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Coming in 2018: MSRB Town Hall Series
In 2018, the MSRB will host a
series of Town Hall meetings intended to support the municipal market community
and provide a forum for capturing ideas to advise the MSRB’s activities. Market
stakeholders will have the chance to communicate directly with MSRB Board
members and staff about their expectations of the MSRB, and its current and
future initiatives. The Town Halls will be open to all. Registration
information and other details are forthcoming.
MSRB Town
Hall: February 21, 2018
Hosted in coordination with the
National Association of Bond Lawyers 16th Annual Tax &
Securities Law Institute
Phoenix, AZ
MSRB Town
Hall: February 22, 2018
Hosted in coordination with the
National Association of Municipal Advisors
Newport Beach, CA
MSRB Town
Hall: May 17, 2018
Hosted in coordination with the Municipal
Bond Club of Chicago
Chicago, IL
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