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 Spring 2023 Issue
Two New Opportunities to Make a Lasting Contribution to Public Finance
by Meredith Hathorn, Board Chair
The MSRB has recently announced two exciting opportunities for those looking to make an impact in public finance and to give back to the municipal market: We are now seeking a municipal advisor to fill a vacancy on our Board, and an academic to become the MSRB's next visiting scholar.
The Board is currently soliciting applications to serve as a municipal advisor representative on the Board of Directors. Applications from non-dealer municipal advisors will be accepted through June 16, 2023, via the MSRB’s Board of Directors Application Portal. Candidates representing the diversity of the municipal advisory profession are encouraged to apply. All the details can be found in the MSRB's press release.
We are also welcoming academics to apply for our Visiting Scholar Program. Two previous visiting scholars have participated in the opportunity to work with MSRB data and leverage the expertise of MSRB staff to advance understanding of trends and practices in the municipal market. Last year we were happy to welcome Lourdes German of Harvard University, whose forthcoming research explores Environmental, Social Governance (ESG) trends in official statement disclosures and pricing trends visible across ESG issuances in public finance. Applications will be accepted through June 20, 2023, and additional details are available in our press release.
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Latest News from the Board
At its third quarterly Board meeting of Fiscal Year 2023, the Board discussed regulatory initiatives in support of the organization’s long-term strategic goal to review and identify opportunities to modernize the rules established to protect municipal bond investors and the state and local governments that rely on the municipal market to raise capital.
Among other matters discussed, the Board:
- Received an update on staff’s ongoing coordination with the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) on the MSRB’s one-minute trade reporting proposal;
- Approved seeking comment to codify or retire nearly 40 pieces of interpretive guidance related to Rule G-12(c) pertaining to inter-dealer confirmations; and
- Authorized staff to seek SEC approval of amendments on Rule G-3 to create an exemption for municipal advisor representatives from requalification by examination in certain circumstances.
Read the press release.
MSRB Publishes Municipal Market Data and Analysis
The MSRB recently published three key pieces that highlight trends and statistics in the municipal securities market.
This week the MSRB released Municipal Variable-Rate Demand Obligations and Auction-Rate Securities (2009-2022). The report shows that the variable rate market has declined significantly since the 2007–2008 global financial crisis, but while ARS trades have dwindled down to an insignificant level, VRDOs remain an important part of the municipal bond market for investors and issuers alike.
Read the report to learn more.
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Additionally, the MSRB compiled its annual Fact Book, the definitive compilation of the most recent five years of statistics on municipal market trading, interest rate resets and disclosures.
Read the 2022 Fact Book.
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Rules and Guidance Roundup
Visit the Regulation and Compliance 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 Regulatory Documents library for resources and information to help regulated entities understand and comply with MSRB rules.
Recent Press Releases
Read the MSRB’s latest press releases on msrb.org.
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Follow the MSRB on Social Media
Do you follow the MSRB on our social media channels? Keep up with news updates, trivia and additional engaging content through our LinkedIn and Twitter accounts.
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