muni forum of new york
Download
Skip this Video
Download Presentation
Muni Forum of New York

Loading in 2 Seconds...

play fullscreen
1 / 33

Muni Forum of New York - PowerPoint PPT Presentation


  • 84 Views
  • Uploaded on

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

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Muni Forum of New York' - laird


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
muni forum of new york

Muni Forum of New York

Ronald A. Stack, MSRB Chair

Lynnette Hotchkiss, MSRB Executive Director

September 17, 2009

msrb in a nutshell
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

the increased focus on the municipal market in washington
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

regulation of financial intermediaries
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

msrb s recent investor protection and fair practice initiatives
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

msrb agenda
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

emma electronic municipal market access www emma msrb org
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

muni forum of new york1

Muni Forum of New York

Ronald A. Stack, MSRB Chair

Lynnette Hotchkiss, MSRB Executive Director

September 17, 2009

ad