It's Your Deal: Resources for Municipal Securities Issuers

IYD Summer 19

Investors Can Now Find You Faster 
Introducing Predictive Search on EMMA

Quick Search

Building on previous user experience enhancements, the Municipal Securities Rulemaking Board (MSRB) unveiled improved keyword search functionality on its Electronic Municipal Market Access (EMMA®) website.


EMMA’s new quick search algorithm suggests issuer names as the user types, making it easier than ever for investors and other EMMA users to find your issuer homepage. The smarter search also recognizes more common abbreviations and acronyms, and continues to provide quick access to information by CUSIP® number. Try out the new predictive search today.


The MSRB hosted a free virtual webinar about EMMA’s new smart search and the additional search capabilities integrated throughout the EMMA website that enable users to cull through millions of official statements, continuing disclosure documents and municipal securities trades. The webinar is now available on-demand.

Reminder: Request for Comment Regarding
Dealers Acting in a Financial Advisor Capacity to Issuers

In connection with its ongoing review of its rules and guidance, the MSRB is seeking comment on MSRB Rule G-23. Rule G-23 establishes ethical standards and disclosure requirements for dealers who act as financial advisors to issuers with respect to the issuance of municipal securities, and importantly, prohibits dealers acting as financial advisors from underwriting the same issuance. The rule predates the implementation of rules for municipal advisors established by the MSRB and the U.S. Securities and Exchange Commission (SEC).


MSRB Notice 2019-13 solicits input on whether Rule G-23’s requirements for dealers acting in a financial advisor capacity remain appropriate in light of the regulatory framework implemented for municipal advisors and other changes in the municipal securities market since Rule G-23 was last amended in 2011.


Make your voice heard on “role switching”—submit a comment letter here by August 19, 2019.

Tax Reform’s Impact on the Supply of Municipal Bonds

Tax Reform

More than a 18 months ago tax code changes were implemented after the passage of the Tax Cuts and Jobs Act of 2017. Curious about the impact on the municipal market? Listen to the recent episode of the MSRB Podcast featuring Chief Market Structure Officer John Bagley, who sat down with Chief Education Officer Ritta McLaughlin to discuss recent shifts in the supply and demand for municipal securities. The episode, Tax Reform Impact on the Supply and Demand of Municipal Bonds, touches on changes in investor behavior, and changes that influence the scale of state and local government issuance.


Additional MSRB Podcast episodes include:

Upcoming Webinar on EMMA Dataport Enhancements

To submit questions in advance of any workshop or to suggest topics for future workshops, email

Simplifying the Submission Process: Enhancements to EMMA Dataport

Thursday, August 8, 2019, 3:00 p.m. – 4:00 p.m. ET

Register now.

Webinar icon

If you or your staff use EMMA Dataport to submit continuing disclosures to the EMMA website, make sure to register for a webinar tour of upcoming enhancements to the submission process. A new guided submission process aims to simplify the process of filing continuing disclosures to the EMMA® website. Improvements also include seamless navigation between EMMA Dataport and all the features of the EMMA website. These enhancements are the culmination of a three-phase initiative focusing on the EMMA user experience for issuers.

New Course on Underwriting Syndicates’
Interactions with Issuers

MEP New Free

Understanding the role of the underwriting syndicate during a primary negotiated offering is fundamental for municipal securities issuers. MuniEdPro®, the MSRB’s free eLearning platform, now offers Order Periods and Syndicate Practices, a course exploring key considerations, concepts and terminology related to syndicate practices. The course also covers issuer and syndicate activities related to retail orders in primary negotiated offerings. Learn about underwriting syndicate practices with MuniEdPro®.


For more information, contact Ritta McLaughlin, Chief Education Officer, at or 202-838-1306.

Proposed Amendments to Streamline
Disclosures from Underwriters

Last week, the MSRB sought SEC approval to amend its 2012 interpretive guidance relating to underwriter disclosures to issuers under MSRB Rule G-17, on conduct of municipal securities and municipal advisory activities. Under the proposed amendments, underwriters will not have the burden of drafting and delivering long boilerplate disclosures, and issuers will save time and resources by not having to sift through pages of documents to identify the most significant conflicts and risks.  


Input from state and local governments collected during two public requests for comment helped to inform these proposed amendments. Read more about the proposed changes.

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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