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 The MSRB remains committed to evolving the Electronic Municipal Market
Access (EMMA®) website into a comprehensive transparency platform for the
municipal market. We established the EMMA website in 2008 to provide retail
investors with centralized, online and free access to real-time municipal
securities transaction prices and disclosure documents. As we approach EMMA’s
10-year anniversary, we have prioritized facilitating easier and more efficient
access to municipal market information as we further advance the website to
support the decision-making needs of market participants and the public. In
late April, you will see noticeable improvements to EMMA’s homepage navigation
and a more intuitive presentation of information about individual securities. All
of the changes were informed by extensive input from focus groups and other
EMMA users.
These improvements complement the MSRB’s ongoing effort to build on
EMMA’s foundation and improve access to tools and information that help
municipal market participants analyze trends and improve understanding of the
market. Last fall, we adopted a renewed vision for EMMA that reflects its broad
market utility and the growing information needs of all market stakeholders and
developed a set of guiding principles for EMMA to inform priorities for future
enhancements. Read the EMMA vision statement and guiding
principles. The next steps in EMMA’s development include a
searchable database of political contribution disclosures, and an improved
submission process for data and other disclosures.
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 As the self-regulatory organization for the municipal market, the MSRB applies practical industry expertise as part of its mission to promote a fair, transparent and efficient municipal securities market. To that end, the MSRB hosted two town hall meetings in February—in coordination with the National Association of Bond Attorney’s Tax and Securities Law Institute in Phoenix, Arizona, and the quarterly board meeting of the National Association of Municipal Advisors, in Newport Beach, California—to obtain feedback from the municipal market community. MSRB Board of Directors members and staff engaged in conversations with market participants on ways to improve the MSRB’s approach to rulemaking, market transparency and education and outreach activities, and potential areas of concern that could pose harm to the municipal market.
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Recommendations included:
- Developing additional advisory committees and
topic-specific focus groups to broaden market participants’ engagement;
- Enhancing market participants’ understanding of and compliance with MSRB rules
by developing scenario-based considerations in MSRB compliance content; and
- Clarifying mechanisms for addressing and obtaining interpretive guidance, among
other suggestions.
The MSRB is committed
to continuing its expanded outreach to market stakeholders to help ensure that
the municipal market remains fair and efficient and a viable source of capital
for municipal entities. The MSRB is hosting its next Town Hall meeting on
Thursday, May 17, 2018 in Chicago, IL in coordination with the Municipal Bond
Club of Chicago. Register to
attend.
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Richard Froehlich: At-a-Glance
A regular feature on members of the MSRB Board of Directors
 Oversight of
the municipal securities market is achieved primarily through regulation of the
financial professionals that support the transactions. And yet, says MSRB Board
member Richard Froehlich, it is the municipal issuer that is at the heart of
the public finance business. “Municipal bonds, on some level, are all about the
issuer—whether it is a general obligation bond and its ability to tax or a
revenue bond where it is making decisions about different projects—the issuer
is undertaking the endeavor and is the face of the industry and the face of the
product itself.”
Froehlich,
who is Chief Operating Officer and General Counsel for the New York City
Housing Development Corporation, which has approximately $11 billion in bonds
outstanding and typically issues between $1-2 billion annually, says the
issuer’s central role in every transaction means its perspective is essential
to the process of regulation. “It’s the issuers that bring together and hire
the regulated entities, and therefore provide critical insight into helping
ensure the transactions are fair and efficient.” The MSRB’s self-regulatory
model ensures the views of issuers are part of the rulemaking process. City and
state issuers are represented on the Board, in addition to regulated entities,
investors and other public members.
Froehlich
says a key aspect of the MSRB’s market oversight is its responsibility to
protect municipal entities. In addition to establishing regulations for
municipal advisors, the MSRB protects municipal entities by engaging and
educating issuers to understand more about the underlying business and its
regulation. He says the MSRB’s outreach, the development of tools for issuers
on the EMMA website and the MSRB’s online learning platform, MuniEdPro®, have established
it as an important resource for all market participants. “This will be a
continuing legacy for the organization,” he says.
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MuniEdPro® is the MSRB’s suite of interactive, online courses designed
specifically for municipal market participants. Next week, the MSRB will
release a new course on MSRB Rule G-37, on political contributions and related prohibitions on municipal
securities business and municipal advisory business. The course will cover the
fundamental aspects of the rule and allow the learner to understand the
application of the rules to real-world examples.
For more information about MuniEdPro®, contact Ritta McLaughlin at
rmclaughlin@msrb.org or 202-838-1306.
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Compliance Workshop on MSRB Rule G-42:
Documenting Your Relationships and Making Disclosures
March 9, 2018 12:30 – 1:30 p.m. ET
Register to attend the second in a series of virtual compliance workshops designed for regulated entities. 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 relationship documentation and making disclosures. 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 the workshop or to suggest topics for future
workshops, email MSRBEvents@msrb.org.
Webinar: Understanding the MSRB’s Role in 529 Plans/ABLE Programs
March 29, 2018 4:00 p.m. – 5:00 p.m.
During this free webinar, staff from the MSRB and the American Association on Intellectual and Development Disabilities will speak about 529 savings plans and ABLE programs, including the MSRB's regulatory role and how certain MSRB rules protect investors.
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 Recent Press Releases
Read
the MSRB’s latest press releases on msrb.org.
Rules and Guidance Roundup
Visit
the Rules and Guidance page of msrb.org to stay up-to-date with the latest requests for
comment, proposed rule changes, rule approval notices and market advisories.
Compliance Resources
Visit
the online Compliance Center for resources and information to help
regulated entities understand and comply with MSRB rules.
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