Municipal Securities Rulemaking Board

Filing Period

Oct 1, 2011 to Sep 30, 2012

Signed

Jan 31, 2013

Return Version

2011v1.2

Gross Receipts

$39,892,663

Mission

Major Activities

Activity 2

Collection and disseminating market information: see schedule o collection and disseminating market information: in order to achieve its exempt purpose, the msrb collects municipal market documents and data (collectively "information") from regulated entities, municipal entities, obligated persons, and/or their agents and makes the information widely available. Msrb's collection of information serves a critical role in preserving fairness and efficiency of the municipal market. By redisseminating this information to municipal market participants, and to regulators charged with examining for compliance with and enforcing msrb rules, and other regulatory and policymaking bodies, the msrb ensures that the market operates transparently and efficiently.under its rulemaking authority, the msrb has established "information facilities" that provide the legal foundation for the collection and dissemination of municipal market information. These facilities provide the msrb with the authority to collect municipal transaction prices (with respect to customer and inter-dealer transactions in municipal securities); official statements, preliminary official statements, and advance refunding documents (in connection with new issues of municipal securities); continuing disclosure documents (in connection with outstanding issues of municipal securities); interest rate information and related documentation for certain short-term obligations (in connection with outstanding variable rate demand obligations and auction rate securities); and information regarding business undertaken by, and certain political contributions made by, brokers, dealers, and municipal securities dealers or their professionals and certain related political action committees (in connection with the msrb's pay-to-play rule). The msrb provides most of this information to the public, free of charge, on its electronic municipal market access (emma) website at emma.msrb.org. Information about political contributions is currently available free of charge on www.msrb.org. In addition, access to most information collected by the msrb is available to subscribers through paid automated subscription services. As of the end of fy 2012, the msrb offered five principal data products with approximately 100 active subscription agreements.enhancements to data collection and information provided by the msrb during fy 2012 include: - provided on the emma website current credit ratings for municipal securities; - provided on the emma website statistical data on new issues of municipal securities;- enhanced price transparency for large trades on the emma website;- provided on the emma website yield data on inter-dealer municipal trades;- encouraged issuers to voluntarily make bank loan financing documents available on the emma website;- provided new historical subscription products for municipal securities disclosure documents and data; and,- made trade alerts available on the emma website.

Activity 3

Engaging in market leadership, outreach and education: see schedule oengaging in market leadership, outreach and education: the msrb engages municipal market participants, regulators and policymakers to build understanding of the municipal market and to promote practices and policies, as well as problem-solving, that protect investors, municipal entities, obligated persons and the public interest. The msrb also engages in education and outreach activities to support the understanding of the municipal market and to help further protect investors, municipal entities, obligated persons and the public interest.during fyi 2012, highlights in this area include:- sponsored the semi-annual msrb industry roundtable entitled "state and local governments confronting fiscal distress: the effects of receiverships, state takeovers and chapter 9 restructurings on the municipal market," reinforcing the msrb's reputation as a facilitator in market-wide discussions about important issues;- sponsored a regulatory roundtable entitled "enhancing municipal market transparency," at which policymakers and regulators presented their perspectives on the increasing impetus to focus on transparency in the municipal market;- supported efforts by an industry working group to prepare a "considerations" document on the utilization of bank loans in the municipal market;- participated in two educational seminars for journalists in conjunction with the society of business editors and reporters and the reynolds center for business journalism to enhance journalists' awareness of the msrb and increase understanding of the emma website;- published an electronic "msrb investor toolkit" to help municipal bond investors navigate the market and make decisions about municipal bonds;- published an electronic "msrb state and local government toolkit" to help municipal bond issuers better understand the bond issuance process and the emma website;- hosted free, public webinars on new msrb rules and market transparency initiatives; and,- testified in a hearing before the house financial services subcommittee on capital markets and government sponsored enterprises on the impact of the dodd-frank act on municipal finance, which helped educate committee members about the role of municipal advisors and other participants in municipal finance deals.

Filer

EIN

52-1042433