It's Your Deal: Resources for Municipal Securities Issuers

Municipal Securities Rulemaking Board sent this bulletin at 04/12/2019 10:56 AM EDT

Upcoming EMMA® Enhancements for Issuers

In every state and community that has issued municipal bonds to finance public projects, there is someone who knows EMMA®. The Electronic Municipal Market Access (EMMA®) website is the official platform where issuers of municipal bonds disclose important information to investors and other market participants.

More than 150,000 times each year, issuers and their agents log into a user interface called EMMA Dataport to submit their disclosure documents for posting on the EMMA website. To further assist issuers that rely on EMMA to meet their disclosure obligations and communicate with investors, the MSRB is simplifying the submission process so that issuers can efficiently meet their obligations and attend to other important government business. The EMMA Dataport enhancements include a more intuitive process and seamless access to tools and resources on the EMMA website. The MSRB also soon will be unveiling widely requested improvements to EMMA’s search functionality.

This summer, issuers can expect to see the following improvements when they submit a disclosure to EMMA:

Guided Submission Process. A new continuing disclosure wizard will guide issuers through a streamlined submission process. The wizard features a simplified question-and-answer format and integrated support aimed at improving the accuracy and reliability of the data collected about a disclosure submission.
Seamless Navigation. After logging into EMMA Dataport, issuers will be able to seamlessly navigate to all the features on the EMMA website, including their own unique issuer homepage, a calendar of new issues scheduled to come to market, advanced search functions and much more.
Exportable Reports. Functionality to allow issuers and their agents to export reports of their continuing disclosure submission history also is under development.

To help issuers learn about and take full advantage of these enhancements, the MSRB will be providing multimedia educational resources, including a live and on-demand webinar tour of the revamped user experience.

These enhancements are the culmination of a three-phase initiative focusing on the EMMA user experience for issuers. Last fall, the MSRB enhanced the process for creating and managing a free customized issuer homepage on EMMA to enable issuers to take more control over how their information is presented to investors. In February 2019, the MSRB updated the EMMA system to accept and display a new type of disclosure required under amended federal securities laws. Improvements to EMMA’s search functionality are expected as early as May.

Provide Feedback on EMMA’s Continuing Disclosure Interface

As part of the MSRB’s current initiative to improve the EMMA submission interface, we would appreciate your feedback about using EMMA Dataport to submit continuing disclosures. Your answers to our brief survey will help the MSRB continuously improve the user experience for submitters. Complete the survey here.

Expanded Information on Municipal Advisor Registrants Now Available

The MSRB recently updated its Municipal Advisor Registrants webpage, which provides state and local governments with information about the registration and professional qualification standards of municipal advisors. Issuers may use this page to research municipal advisor firms and check whether a municipal advisor representative is qualified with the MSRB’s Municipal Advisor Representative Qualification Exam (Series 50).

The online list of municipal advisor representatives and municipal advisor firms on MSRB.org now includes links to the required disclosures municipal advisor firms make to the U.S. Securities and Exchange Commission (SEC). Information on SEC Form MA (for municipal advisor firms) and SEC Form MA-I (for municipal advisor representatives) can help issuers review information about criminal actions, regulatory actions, investigations, terminations, judgments, liens, civil judicial actions, customer complaints, arbitrations and civil litigation, if any.

Transcript for MSRB Webinar on SEC Rule 15c2-12 Now Available

The MSRB hosted a webinar with the SEC on February 27, 2019, to discuss frequently asked questions related to recent amendments to SEC Rule 15c2-12, as well as changes to the EMMA website to accommodate these amendments. A written transcript of the webinar is now available, along with on-demand access to the webinar. Amendments to SEC Rule 15c2-12 include two additional required event disclosures related to financial obligations of municipal securities issuers and obligated persons that submit disclosures on behalf of issuers to the EMMA website. Read the transcript.

New MSRB Podcast Series

The MSRB Podcast, available on MSRB.org and most podcast platforms, consists of a 12- to 30-minute immersion into municipal securities regulation, market data and emerging market topics. Each episode deconstructs—for municipal bond market practitioners and others—a topic, drawing on the expertise of featured subject matter experts.

The first podcast episode, released this week, examines municipal market yield curves and indices, including their value to market participants and the attributes that make municipal yield curves distinct from other fixed-income benchmarks. Listen to the MSRB Podcast premiere, A Conversation About Yield Curves.

The MSRB Podcast will periodically release new episodes. Listeners can subscribe and hear new episodes on podcast platforms including Apple Podcasts, Google Podcasts and Spotify, and on the MSRB’s website.

Upcoming Podcasts

April 23, 2019
Professional Qualifications: A Conversation About MSRB Rule G-3
MSRB professional qualification standards establish baseline knowledge and competency requirements for municipal bond market professionals. Learn why individuals must meet minimum qualifications to engage in municipal dealer and advisory activities.

May 7, 2019
Getting the Facts on the Muni Market
The MSRB’s collection of municipal bond market data and annual Fact Book provide information on municipal market trading patterns, primary market and continuing disclosures, and interest rate resets for municipal variable rate securities. Learn more about comprehensive and historical municipal market statistics, and the MSRB Fact Book.

May 21, 2019
Regulations on Political Contributions – Are They Applicable to You?
Municipal securities professionals are subject to regulation regarding political contributions. Learn how MSRB Rule G-37 promotes the integrity of the municipal bond market and addresses pay-to-play.

It's Your Deal is a quarterly resource guide published by the MSRB to provide objective and useful information to state and local governments that issue municipal bonds. As part of its mission to protect municipal bond issuers, the MSRB regulates municipal advisors and municipal securities dealers, operates the Electronic Municipal Market Access (EMMA®) website, and offers free educational resources in the MSRB Education Center.

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