Role of the Regulator: Understanding the Municipal Securities Rulemaking Board

Read the learning objectives and topics covered in this MuniEdPro® course. Log into MuniEdPro®.

Target Audience

  • Broker-dealers 
  • Municipal securities issuers
  • Municipal advisors

Learning Objectives

At the end of this course learners will be able to:

  • Define what the MSRB is, what it does and what its role is in the municipal securities market;
  • Describe the scope and limitations of the MSRB’s regulatory authority;
  • Summarize the MSRB’s rulemaking process and identify how regulated entities, their associated persons and others can contribute to that process; and
  • Identify how market transparency, education resources and outreach activities help fulfill the MSRB’s mission.

Course Outline

1. Preliminary Knowledge Assessment
a. MSRB regulatory authority

2. Introduction to the MSRB
a. About the MSRB
i. Mission
ii. Market Regulation
iii. Market Transparency
iv. Market leadership, Outreach and Education

3. MSRB Regulatory Jurisdiction and Limitations
a. MSRB jurisdiction
b. Regulatory authority
c. Limitations of regulatory authority

4. MSRB Rulemaking Process
a. Identification of an issue
b. Public comment on draft rule proposal or concept release
c. Comment review
d. Proposed rule for approval filed with SEC
e. Publication and public comment on proposal
f. Rule approval and implementation
g. Knowledge Check

5. Market Transparency
a. EMMA®
i. Price Discovery Tool
ii. New Issue Calendar
b. Trade Prices
i. Real-Time Transaction Reporting System
c. Disclosures
i. Primary market disclosures
ii. Short-term interest rate disclosures
iii. 529 savings plan and ABLE program disclosures
iv. Municipal Asset-Backed Securities (ABS) disclosures
v. Political contribution disclosures
vi. Continuing disclosures
d. Other Market Information
i. Credit ratings
ii. New Issue Calendar on EMMA®
iii. Economic Calendar on EMMA®
e. EMMA® Tools and Market Statistics
ii. Price Discovery Tool
iii. Market statistics
f. Knowledge Check

6. Putting Rules into Practice
a. Education
b. Outreach
c. Market leadership
d. Enforcement support
e. Knowledge Check

7. Assessment