The MSRB outlined significant regulatory and strategic initiatives undertaken in 2019.

In its 2019 Annual Report, the MSRB, among other things:

  • formalized its retrospective rule review process;
  • implemented a pilot examination for municipal advisor principals;
  • provided compliance assistance materials on MSRB Rule G-40 ("Advertising by Municipal Advisors");
  • enhanced EMMA's search functionality and user experience for issuers;
  • expanded access to municipal market yield curves and indices from third-party providers on the EMMA website;
  • considered migrating MSRB market transparency systems to the cloud;
  • developed over 20 interactive courses on how to "apply MSRB rules to real-world municipal market scenarios";
  • launched a podcast discussing municipal securities regulation, market data and emerging market topics; and
  • helped market participants understand and prepare for new disclosure requirements under SEA Rule 15c2-12 ("Municipal securities disclosure") through webinars, educational resources and other publications.