MSRB Monthly Update - October 2013

Municipal Securities Rulemaking Board sent this bulletin at 10/11/2013 09:30 AM EDT

The MSRB will host the first of three education and outreach events for municipal market professionals during fiscal year 2014 on December 5, 2013 in Livonia, Michigan. Learn more about the event.

The MSRB recently published a report on the timing of municipal bond annual financial disclosures. The report documents the average time after the end of a fiscal year it takes issuers of municipal securities and other obligated persons to make their financial information available to the public on the EMMA® website.

The MSRB also recently made available a printable, electronic version of its Glossary of Municipal Securities Terms, which was recently updated.

Highlight of the Month

MSRB Sets Priorities for New Fiscal Year

MSRB Chair Dan Heimowitz, Executive Director Lynnette Kelly

The MSRB began its fiscal year on October 1, 2013 and will hold its first Board meeting of the year October 23-25. In a recent letter to stakeholders, MSRB Chair Dan Heimowitz and Executive Director Lynnette Kelly said the MSRB is focused this year on enhancing the integrity of the municipal market by improving pricing for investors and issuers, and implementing a regulatory framework for municipal advisors, among other topics. Read the full letter from MSRB leadership and see a list of the MSRB's fiscal year 2014 operating objectives.

New and Noteworthy

MSRB Adopts Policy for Integrating Economic Analysis in Rulemaking Process

The MSRB recently adopted a policy for the formal use of economic analysis in MSRB rulemaking. The policy seeks to ensure regulations that support a fair and efficient municipal market appropriately balance the benefits of protections for investors and municipal issuers with the burdens placed on regulated entities. Learn more about the policy.

Municipal Bond Issuance at Lowest Levels since January 2012

Issuance of municipal securities fell to $22.5 billion in September 2013, the lowest volume since January 2012 when it dropped to $19.3 billion. Overall issuance volume in September 2013 was 24 percent lower when compared to September 2012. New issue volume of bonds, or securities with maturities of 13 months or more, decreased to $19.6 billion in September 2013 compared to $26.4 billion in September 2012. Issuance of notes, or securities with maturities of 12 months or less, decreased 11 percent to $3.0 billion during the same period.

For more information or other statistics on the municipal market, visit the MSRB’s EMMA website.

A Closer Look: Municipal Advisor Regulation

The Securities and Exchange Commission recently issued its final rules establishing a permanent registration regime for all persons meeting the definition of "municipal advisor." As a result, the MSRB will advance a regulatory framework for municipal advisors that includes rules for professional conduct, professional qualification examination requirements, as well as education and outreach to municipal advisors.

The MSRB recently published an educational resource to help newly registered municipal advisors prepare for regulatory oversight. Preparing for Regulation: An Introduction for Municipal Advisors provides information in an easy-to-read checklist format about the importance of registration, the role of the MSRB and what it means to be regulated by a self-regulatory organization.

Additional resources and educational materials will be added to the MSRB's website as the municipal advisor regulatory framework develops. Municipal advisors can also sign up to receive information from the MSRB when it becomes available.

Regulatory Roundup

MSRB Withdraws Rule Filing on Proposed Amendments to Rule A-3 (October 4, 2013)

MSRB to Implement Revised Rules Addressing Retail Order Periods (September 27, 2013)

MSRB Proposal to Collect Information on 529 College Savings Plans to Undergo Additional Public Comment Period
(September 26, 2013)

MSRB Files with SEC Proposed Rule Change to MSRB Rule G-11 on Bondholder Consents (September 19, 2013)

MSRB Seeks Approval to Consolidate and Harmonize Fair Dealing Obligations for Municipal Securities Dealers
(September 17, 2013)

Update your subscriptions, modify your email address or unsubscribe at any time by going to your Subscriber Preferences Page. You will need to use your email address to log in. If you have questions or problems with the subscription service, please contact support@govdelivery.com.

If you have an MSRB Gateway account or are a regulated entity under MSRB Rule G-40 and wish to update your email address with the MSRB, you must do so through MSRB Gateway. For G-40 accounts, changes made to the MSRB’s email alert system will not satisfy your obligation to provide the MSRB with accurate contact information.

Please note this message was sent from an unmonitored, automated email account. If you wish to contact the MSRB, please click on the below “Contact Us” link.