MSRB Monthly Update - June 2014

Monthly Update
Upcoming Events

MSRB Webinars: 
Changes to MSRB Registration Process and Forms
Thursday, June 12, 2014
3:00 p.m. ET – 4:00 p.m. ET

This educational webinar will explain key provisions of new MSRB Rule A-12, which consolidates the MSRB’s registration rules and forms. The MSRB will provide information to assist current registrants with transitioning to the new form prior to the compliance deadline of August 10, 2014. 
Register for the webinar.

EMMA's Price Discovery Tool and Enhanced Display of Trade Data
Thursday, June 19, 2014
3:00 p.m. ET – 4:00 p.m. ET

The MSRB will host a webinar tour of the new price discovery tool and related enhancements. 
Register for the webinar.

Consolidated Fair-Dealing Obligations for Municipal Securities Dealers
Thursday, June 26, 2014
3:00 p.m. ET – 4:00 p.m. ET

This webinar will explain revisions to MSRB Rule G-19 on suitability of recommendations and transactions, key provisions of MSRB Rule G-47 on time of trade disclosure obligations, and MSRB Rules G-48 and D-15 on sophisticated municipal market professionals.
Register for the webinar.

Did You Know?

The EMMA® website now has a Facebook page. Check it out at for all the latest information on EMMA.

New EMMA Price Discovery Tool


The MSRB this week launched a new price discovery tool on its Electronic Municipal Market Access (EMMA®) website that allows investors to easily find and compare prices of municipal securities with similar characteristics. The tool also provides a graphical view of bonds bought or sold. The enhancements to EMMA make it easier for investors and others to understand and evaluate municipal bond trade prices by providing side-by-side comparisons of trade price histories. The price discovery tool is a free resource for investors to gauge the trade price of any municipal bond and to have useful information to discuss with their financial professional when buying or selling a municipal bond.


Municipal Advisor Survey

As part of its work to develop a professional qualification exam for municipal advisors, the MSRB plans to conduct a survey of registered municipal advisors to assess their business activities. The survey will be distributed by an independent survey administrator later this month to regulatory contacts at MSRB-registered municipal advisory firms and to other municipal advisors interested in the survey. The survey will provide the MSRB with important information about the diversity of the municipal advisory business so that the MSRB’s professional qualification program addresses the activities of all municipal advisors.


Municipal Market Statistics

Flows of Municipal Bond Mutual Funds Remain Positive in 2014

Monthly Stats

According to the Investment Company Institute, municipal bond mutual funds have experienced four straight months of net cash inflows in 2014, after 10 consecutive months of outflows that began in March 2013 and ended in December. In 2013, net cash outflows had reached $16.5 billion by June, the largest outflow since 2007 (earliest publicly available information). In April 2014, net cash inflows of municipal bond mutual funds reached $1.1 billion compared to an outflow of $1.8 billion during April of 2013.

For municipal new issuance, trading activity, continuing disclosures or variable rate resets, visit the MSRB’s EMMA website.  


Regulatory Roundup

MSRB Seeks Approval to Amend Rule G-3 to Eliminate FINOP Requirement and Limit Permissible Series 6 Activities June 6, 2014

MSRB to Consolidate Dealers' Fair-Pricing Obligations into MSRB Rule G-30 May 12, 2014

Guidance on the MSRB Municipal Advisor Registration Process May 12, 2014