MSRB Annual Report 2016



          Supporting the Municipal Market

Read about the MSRB's initiatives to increase fairness, transparency and efficiency in the municipal securities market in the organization's 2016 annual report.

Download the full report
         
                       
            New Retail Investor Protections

"In 2016, we achieved our goal of providing additional retail investor protections... This historic development promises to usher in a new level of transparency for investors while continuing to promote regulatory efficiency across the fixed income markets."

- Message from Chair Colleen Woodell
         
          Financial Oversight is a Key Priority

"As we head into 2017, you have my commitment that we will continue the strict financial oversight that enables the MSRB to protect the $3.8 trillion municipal market while striving to allocate the associated costs as fairly and equitably as possible."

- Message from Executive Director Lynnette Kelly
         
...

Establishing Consistent Standards for All Municipal Finance Professionals

In 2016, the MSRB implemented a core set of rules of professional conduct and qualification for municipal advisors designed to bring accountability to the municipal advisory business, a segment of the market that had operated without full regulatory oversight prior to the Dodd-Frank Wall Street Reform and Consumer Protection Act. 

Extending Important Investor Protections

Last year’s implementation of the first best-execution standard for municipal securities transactions and the creation of a mark-up disclosure requirement are major advancements in municipal investor protection and strongly support regulatory efficiency across financial markets.

Improving Market Efficiency

With many MSRB rules in place for more than 35 years, the organization has been engaged in an ongoing effort to ensure that its rules function as efficiently as possible and reflect current market practices.

MuniEdPro: A New Interactive Education Resource

In 2016, the MSRB brought advances in online learning technology to municipal market participants through the enhanced delivery of educational content.

EMMA Improvements and Usability

To improve the usability of the EMMA website, the MSRB focused its attention last year on planning for the future and responding to market feedback about enhancing EMMA’s continuing disclosure functionality for state and local governments.

Supporting the Community

As the MSRB concluded its first year in its new corporate office in Washington, DC, the organization took advantage of ways to contribute to the community.

Read more in the annual report.