April 20, 2017

Muni ComMUNIcations - Legislative, regulatory and tax news for municipal securities

HIGHLIGHTS

MSRB Offers Complimentary E-Learning Course for Municipal Bond Issuers
The MSRB is offering a free online course designed for members of municipal governments who finance public projects with municipal bonds. Participants assume the role of the issuer in real-world scenarios that imitate various stages of the issuance process. Continuing professional education credit is available for participants.
MSRB Press Release

MSRB Names Nanette Lawson Chief Financial Officer
On April 18, the MSRB announced that Nanette Lawson was named Chief Financial Officer and Treasurer. Ms. Lawson formerly served as the MSRB’s Deputy Chief Financial Officer and Assistant Treasurer, and has more than 25 years of financial management, budget, and auditing experience – including five years at the MSRB.
MSRB Press Release

For T+2, It’s All Systems Go
The new T+2 rule from the Securities and Exchange Commission – which will shorten the settlement cycle for US stocks, unit investment trusts and most bonds from trade date plus three days to trade date plus two days – will bring numerous benefits and strengthen the capital markets. In a joint article, President and CEO Kenneth E. Bentsen, Jr., DTCC President and CEO Michael Bodson, and Investment Company Institute (ICI) President and CEO Paul Schott, describe how T+2 will increase efficiency, streamline operating processes and significantly lower the risk of failed trades.
Traders Magazine Article

BlackRock CEO: Private Investments Trump Bonds for Infrastructure Renewal
In a letter to shareholders last week, BlackRock CEO Larry Fink said that private investments must bear much of the financial burden of infrastructure projects, rather than municipal bonds, citing that neither federal, nor state and local resources can meet the United States’ current infrastructure needs. “A new form of federally subsidized bonds could help finance the deferred maintenance required simply to maintain the status quo,” he said. “But fixing crumbling roads and bridges is not enough. We need to be focused on reshaping our world, not just repairing it.”
The Bond Buyer Article

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SIFMA NEWS

Now Available: SIFMA’s Research Quarterly, 1Q 2017
Total long-term securities issuance was $1.85 trillion in 1Q'17, a 15.5 percent decrease from $1.60 trillion in 4Q'16 but a 11.3 percent increase year-over-year. Treasury, corporate, agency and equity securities experienced increases q-o-q in the first quarter, while municipal, mortgage-related, and asset-backed securities experienced declines.
SIFMA’s Research Quarterly is a flagship report containing brief commentary and statistics on the U.S. capital markets, including issuance, trading volume and outstanding data broken down by asset class.

Interactive Database from SIFMA Research: Capital Markets in Your State
View and download state-by-state data on corporate, equity and municipal issuance; top public companies; securities industry employment; and more. Explore this interactive database to find the companies and municipalities in your state that are accessing the capital markets to drive economic growth.

 

EVENTS

Last Chance to Register: Fixed Income Market Structure Seminar, April 27
SIFMA’s Fixed Income Market Structure Seminar in NYC brings together market participants and policymakers to discuss the latest regulatory and market developments in the fixed income markets. This half-day discussion, taking place next week on April 27, will address the key questions and issues emerging from significant changes in market structure including: Investment Grade New Issue Process, Fixed Income Pre-Trade Transparency and Price Discovery, and Execution and Order Management in Fixed Income. Register to attend in-person or via live video webcast.

Keynote Speaker Announced! Operations Conference and Exhibition: May 8-11, FL
SIFMA welcomes Scott O'Grady, Air Force Veteran / F16 Pilot and Author of "Return with Honor", to the 2017 Operations Conference & Exhibition program as keynote speaker to discuss the vital role of teamwork and leadership. The OPS 2017 program also features sessions on top operations priorities, including regulator perspectives on agency priorities, and current and potential new regulatory initiatives in 2017 and beyond. Joining senior representatives from the SEC, FINRA and CFTC is the MSRB's Executive Director, Lynnette Kelly.

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