What is the Municipal Securities Rulemaking Board (MSRB)?
The Municipal Securities Rulemaking Board, (MSRB) is the primary regulator of municipal securities issued in the United States. The MSRB sets standards and best practices for both issuers and dealers of munis, as well as mandates transparency of information and disclosure on each issue.
What does the MSRB do?
The Municipal Securities Rulemaking Board (MSRB) was established by Congress in 1975 and charged with a mandate to protect municipal securities investors, municipal entities, obligated persons and the public interest.
What is finra MSRB?
The MSRB Markup/Markdown Analysis Report is a monthly report designed to assist firms in their supervision activities by providing transparency into a portion of FINRA’s surveillance of fixed income transactions’ customer pricing.
Why was the MSRB created?
The MSRB was established to protect the interests of investors and the issuing government entities. It was established in 1975, and its mission is to protect the state and local governments, the public interest, and investors by promoting a fair, efficient, and transparent municipal securities market.
What is MSRB reporting?
These reports and report cards display statistics related to firms’ compliance with Municipal Securities Rulemaking Board rules and other requirements related to municipal securities and the MSRB’s Electronic Municipal Market Access website.
What is the MSRB form a 12?
MSRB Form A-12 contains lists of municipal securities and municipal advisory activities under the Business Activities section. Registrants can select all business activities that are appropriate for their selected registration category.
Is MSRB a government entity?
The MSRB, while not a government entity, is nonetheless under the oversight of Congress and the Securities and Exchange Commission (SEC), and its rules generally must be approved by the SEC before becoming effective.
Is MSRB part of FINRA?
Operations. Like the Financial Industry Regulatory Authority (FINRA), the MSRB is a self-regulatory organization that is subject to oversight by the Securities and Exchange Commission (SEC).
Who enforces MSRB?
The SEC maintains oversight for the MSRB and enforces MSRB rules. The MSRB is not authorized to regulate municipal bond issuers directly.
Which of the following does the MSRB rely on for enforcement of these rules?
Which of the following does the MSRB rely on for enforcement of these rules? The MSRB regulates all matters related to the underwriting and trading of state and municipal securities but does not have enforcement powers. It depends on other SROs (e.g., FINRA) for the enforcement of its rules.
What information can be found on MSRB website?
MSRB Publishes Annual Market Statistics
and historical statistics on the municipal bond market.
Which of the following enforce MSRB rules for bank dealers that are not registered with FINRA?
The best answer is B. Enforcement of MSRB rules for bank dealers that are not registered as broker-dealers with FINRA is performed by the bank regulatory bodies – the Office of Comptroller of Currency; the Federal Reserve; and the Federal Deposit Insurance Corporation.
Are Municipal Bonds trace reportable?
Yes. As discussed above, the TAF for TRACE-eligible securities and municipal securities will be self-reported as is done for equities, options, and futures.
What type of educational resources does the MSRB provide?
The MSRB Education Center is a multimedia library of information about the municipal securities market. Free and objective resources are geared toward investors and state and local governments to help them make informed decisions. The MSRB encourages widespread use of its educational materials.
Do MSRB rules apply to municipal bond funds?
Consistent with the SEC staff’s views, dealers effecting transactions in ABLE programs may be subject to all MSRB rules, unless such dealers are specifically exempted from any of those rules, because those dealers would be effecting transactions in municipal fund securities.
Are municipal bonds securities?
What are municipal bonds? Municipal bonds (or munis for short) are debt securities issued by states, cities, counties and other governmental entities to fund day-to-day obligations and to finance capital projects such as building schools, highways or sewer systems.
What are examples of municipal securities?
Municipal bonds are debt investments issued by state and local government entities to raise money to fund operations or certain projects.
Common examples include:
- Roads, highways, bridges, and other infrastructure.
- Schools and libraries.
- Government buildings.
- Power plants.
- Sewer systems.
What is an example of a municipal bond?
A municipal bond is a debt security that has been issued by a local government entity. Examples of these issuers are state, county and city governments. Municipal bonds are commonly used to fund the construction of roads, schools, airports, hospitals, wastewater treatment facilities and other infrastructure projects.
Which of the following publishes and maintains a list of known terrorists and drug traffickers and those controlled by them or acting on their behalf?
As part of its enforcement efforts, OFAC publishes a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific.
Who does the Securities Exchange Act of 1934 apply to?
The Securities Exchange Act of 1934 was enacted to govern securities transactions on the secondary market. All companies listed on a stock exchange must follow the requirements outlined in the SEA of 1934.
What is a carrying firm?
When you open an account with a brokerage firm that is a clearing or “carrying” firm, the firm not only handles your orders to buy and sell securities, but it also maintains custody of your securities and other assets (like any cash in your account).
What is Thomson muni market monitor?
The Municipal Market Monitor (TM3) as it relates specifically to the US municipal bond industry. TM3 has been delivering the municipal market’s MMD AAA benchmark for over 30 years, and is integrated into the most comprehensive source of critical municipal market information.
What is an Emma filing?
EMMA provides real-time trade prices, official statements, credit ratings, ongoing disclosure documents and other information about more than one million outstanding municipal securities. Find a Security. EMMA’s search tools allow users to find a specific municipal security by its unique identifier or by name.
What are FINRA rules?
FINRA’s rules and guidance strive to protect investors and ensure the integrity of today’s rapidly evolving market. FINRA’s rules and guidance strive to protect investors and ensure the integrity of today’s rapidly evolving market. FINRA is here to help keep investors and their investments safe.
When must a preliminary official statement be delivered to a customer under MSRB rules?
MSRB rules on new issue disclosure allow a Preliminary Official Statement to be sent at settlement if a Final Official Statement is not yet prepared; require that order priority provisions be disclosed at customer request; and require that the spread be disclosed on “negotiated” offerings.
Who approves municipal advertising?
The financial company representative must approve any type of advertisements concerning the municipal securities before dissemination.
What gets reported to trace?
The TRACE Quality of Markets Report Card for Securitized Products is a monthly status report for the reporting of transactions in Asset Backed Securities, Mortgage Backed Securities and other similar securities, collectively defined as “Securitized Products”, to the Trade Reporting and Compliance Engine (TRACE).
What is cat reporting?
The Consolidated Audit Trail (CAT) is a regulatory reporting utility commissioned by the Securities and Exchange Commission (SEC) to enable regulators to more fully track trading activity and boost transparency; the CAT also heralds significant new obligations and reporting requirements for firms.
What are trace reporting requirements?
A member must report a transaction [information] in a TRACE- Eligible Security within 15 minutes of the Time of Execution, except as otherwise specifically provided below, or the transaction report will be late. [The] A member must transmit the report to TRACE during TRACE System Hours.