Improving pricing for investors. Price transparency is essential to fulfilling MSRB’s mission to protect investors, state and local governments, and other issuers of municipal bonds. Its Electronic Municipal Market Access (EMMA®) website (http://emma.msrb.org) provides free public access to real-time trade prices and other data and disclosure documents. MSRB is in the process of researching and collecting public comment on developing a platform to provide comprehensive, interactive, and real-time display of trade data.

Implementing a regulatory framework. With the Securities and Exchange Commission’s (SEC) final guidance on the definition of “municipal advisor” released in September 2013, MSRB will study the guidance and continue its outreach to advisors as it assumes oversight responsibilities. It will take an incremental approach to rulemaking in light of the SEC’s final guidance and seek public comment on all rule proposals. It will also continue to work with the municipal advisory industry to develop a professional qualification exam to establish standards of competency for advisors.

IMPROVING REGULATORY EFFICIENCY

In addition to these priorities, MSRB will continue to improve regulatory efficiency in the municipal market by streamlining or consolidating its rules and related guidance, and aligning the MSRB rule book with the rules of other regulators as appropriate. It is moving forward with a package of rule proposals to simplify interpretive guidance associated with MSRB Rule G-17 on fair dealing by consolidating key principles into stand-alone rules.

Plans also call for consolidating numerous provisions and rules related to registering with the MSRB into a single registration rule. Importantly, all MSRB rule proposals are informed by economic analysis.

MSRB also will provide education, outreach, and market leadership on a range of municipal market topics. Its online State and Local Government Toolkit (http://www.msrb.org/MSRB-For/Issuers/Issuer-Toolkit.aspx) is frequently updated with new information and resources.

Check MSRB’s website at msrb.org to access up-to-date information and sign up to receive updates. Feedback on priorities is welcomed, whether through the formal process of responding to requests for comment on potential rules or contact forms on the MSRB website.