MSRB NOTICE 2008-43 (OCTOBER 15, 2008)

MSRB GATEWAY ROLL OUT AND TRAINING: FIRST PHASE OF MSRB GATEWAY SIMPLIFIES REGULATORY TASKS

The Municipal Securities Rulemaking Board (the “MSRB”) is updating the way in which brokers, dealers and municipal securities dealers (collectively “dealers”), enforcement agencies and subscribers interface with MSRB information systems.  The new MSRB Gateway, a single secure access point for all MSRB applications, will enable users to access MSRB systems more efficiently and in a centralized way.  MSRB Gateway will be implemented in phases. The planned implementation date for Phase I is October 20, 2008. 

Phase I of the MSRB Gateway centralizes several regulatory tasks.  Users of MSRB applications can access Forms G-40, RTRS, G-37 and RTRS Web based on each user’s account access rights.  Primary Contacts, as defined by MSRB Rule G-40 on electronic mail contacts, can create and manage user accounts and appoint account administrators.  In addition, dealers can designate agents to submit primary market documents on their behalf via the new MSRB Gateway in connection with the next phase of development of the MSRB’s Electronic Municipal Market Access system (“EMMA”).  Additional details of Phase I of MSRB Gateway are described below. 

Please note that users wishing to submit Forms G-37 or G-37x electronically will do so via the MSRB Gateway.  Registration with the MSRB using the existing Electronic G-37 Submission System registration form is no longer required.  Once Gateway has been implemented, a firm's Primary Contact under MSRB Rule G-40 will create and manage user accounts via the new MSRB Gateway system to complete the registration process.

When Phase I of MSRB Gateway is implemented, it will be accessible through the MSRB Gateway Log-In menu item at www.msrb.org or through the EMMA portal at emma.msrb.org/submission/SubmissionPortal.aspx.

User Account Management System

MSRB will assign a master MSRB Gateway account to each dealer company to be administered by the dealer’s Primary Contact under MSRB Rule G-40 on electronic mail contacts.  Each dealer will control the administration of its master account and will be able to create and manage individual user accounts within the MSRB Gateway.   Dealers can also appoint account administrators to assist with managing user profiles and account access rights.

Agent Invitation and Designation System

MSRB Gateway will allow dealers to designate third-party agents to submit primary market documents to the MSRB on their behalf.  Through MSRB Gateway, dealers will be able to send invitations to third-parties to act as designated agents.  MSRB Gateway will transmit these invitations by e-mail to the third parties, which can create their own accounts in MSRB Gateway if they are not already registered users. These third parties can then accept dealer invitations through MSRB Gateway. 

Dealers will have the opportunity to electronically confirm designated agents through MSRB Gateway before agents begin making document submissions on behalf of dealers.  Once confirmed by a dealer, a designated agent can log into MSRB Gateway to make electronic submissions on behalf of the designating dealer. Although dealers will be able to begin the designation process immediately upon roll-out of Phase I of MSRB Gateway, designated agents will only be able to make submissions of primary market documents to the MSRB on behalf of dealers when EMMA’s electronic submission service is launched in the coming months.  Dealers will be responsible in all respects for actions taken by their designated agents on their behalf.  MSRB Gateway will also allow dealers to revoke designations of agents at any time. 

Please note that once an agent has been established as a recognized company in MSRB Gateway, the agent will utilize the User Account Management System as described above.

MSRB Gateway Training

On November 5, 2008 and November 6, 2008, the MSRB will host training sessions to demonstrate functionality available in Phase I of MSRB Gateway.  Each training session will include instructions on the topics described below.

User Account Management

  • Managing user types and privileges.
  • Creating and managing user accounts.
  • Appointing account administrators.
  • Granting/revoking account access rights.
  • Disabling/enabling user accounts.
  • Creating and managing user groups.
  • Transferring a primary or optional G-40 contact’s roles to another user.
  • Creating an optional G-40 contact account.

Agent Invitation and Designation Steps

  • Inviting prospective agents to submit primary market documents to the MSRB on the dealer’s behalf.
  • Approving/declining agent’s designation.
  • De-authorizing agents.

Session Registration

Registration for MSRB Gateway training sessions is required but there is no charge to participate.  Each one-hour session will cover the same material.

After registering, you will receive a confirmation email with access information to join the MSRB Gateway webinar session.  On the day of the session, click on the link provided in the email approximately ten minutes before the session start time.  You will be directed to download the GoTo Webinar Software and will be provided with a dial-in number, access code and audio PIN.  For help using GoTo Webinar, please contact Tina Hanachi, at (703) 797-6600.

Special Instructions: Once you have connected with the audio portion, please be sure to enter the audio PIN to receive speaking privileges.  All attendees are automatically muted upon entering the session.  If you would like to ask a question, please click on the hand tool to “raise” your hand.  You will be recognized and given speaking privileges by the presenter.  Due to the large volume of attendees, we can only grant speaking privileges to 25 attendees at a time.   

Future Features

Over the next year, as MSRB rolls out subsequent phases of MSRB Gateway, users will also be able to:

  • Submit required regulatory forms such as new streamlined Form RTRS and Form G-40;
  • Manage RTRS web users without revising Form RTRS filings;
  • Establish accounts and designate agents for the MSRB’s planned continuing disclosure service of EMMA;
  • And more!

Questions about MSRB Gateway: For more information on these functionalities and how to utilize the system, please refer to the MSRB Gateway User Manual on the Gateway log-in page, which will be available once MSRB Gateway has been implemented. For assistance with MSRB Gateway, please call an MSRB Transaction Reporting Assistant at (703) 797-6668.