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Muni Forum of New York

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33 diapositives · 513 Views · Sep 14, 2014

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

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  1. Muni Forum of New York Ronald A. Stack, MSRB Chair Lynnette Hotchkiss, MSRB Executive Director September 17, 2009

  2. 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 andeducation and market leadership

  3. 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

  4. 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 Bill Would regulate unregulated muni market intermediaries

  5. 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

  6. 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

  7. 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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  26. Muni Forum of New York Ronald A. Stack, MSRB Chair Lynnette Hotchkiss, MSRB Executive Director September 17, 2009