muni forum of new york ronald a. stack, msrb chair lynnette hotchkiss, msrb executive director...
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Muni Forum of New York
Ronald A. Stack, MSRB Chair
Lynnette Hotchkiss, MSRB Executive Director
September 17, 2009
MSRB in a Nutshell
Self Regulatory Organization for broker-dealers and bank dealers in the municipal market no rulemaking authority over issuers, intermediaries or
other market participants no non-securities rulemaking authority
MSRB coordinates with SEC, FINRA, bank regulators on enforcement
Coordinating efforts with IRS, Treasury, Federal Reserve, Congress and others on market issues
Congressionally mandated mission: protect investors and the public interest promote fair and efficient municipal bond market
MSRB furthers mission through rulemaking, information services/systems, outreach and education and market leadership
The Increased Focus on the Municipal Market in Washington
House Financial Services Bills/Hearings
Senate Banking Committee Hearings Treasury/Federal Reserve State AG Interest SEC – priority of Mary Schapiro Obama Administration Current Status: On Hold
Regulation of Financial Intermediaries
MSRB Statement Regarding Regulation of the Municipal Market on January 9, 2009
Focus attention on unregulated municipal market participants
MSRB Letter to Congress with Specific Recommendations on Regulating Financial Intermediaries on February 11, 2009
MSRB Report on Unregulated Market Participants
House Financial Services Committee BillWould regulate unregulated muni market
intermediaries
MSRB’s Recent Investor Protection and Fair Practice Initiatives
Build America Bonds – MSRB Notice 2009-15 (April 24, 2009)
Focus on customer protection obligations – fair dealing, disclosure of material facts, suitability of recommendations
California IOUs – MSRB Notice 2009-41 (July 10, 2009)
Focus on customer protection obligations – fair dealing, disclosure of material facts, suitability of recommendations, fair pricing
VRDOs – MSRB Notice 2009-42 (July 14, 2009)
Focus on customer protection obligations – fair dealing, disclosure of material facts, suitability of recommendations, fair pricing
MSRB/FINRA Notice – MSRB Notice 2009-38 (June 30, 2009)
Joint reminder on investing in municipal bonds in light of current market conditions
MSRB Agenda
Enhancements to SHORT Enhancements to EMMA Bond Ballot Initiatives Priority of Orders Bank PAC Disclosures G-Rules Review Market Resource to Capitol Hill, Obama
Administration, Fellow Regulators
EMMA: Electronic Municipal Market Access
(www.emma.msrb.org)
Components of EMMA: official statements – current & historical from 1990
advance refunding documents – current & historical from 1990
trade prices – real-time & historical from 2005
market statistics SHORT – transparency for ARS and VRDOs
municipal bond educational resources Continuing disclosures
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Muni Forum of New York
Ronald A. Stack, MSRB Chair
Lynnette Hotchkiss, MSRB Executive Director
September 17, 2009