February 23, 2017

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


SIFMA Submits Comments to the MSRB on Draft Amendments to Modernize MSRB Rule G-26 on ACATS
On February 17, SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) on draft amendments to MSRB Rule G-26 regarding customer account transfers. SIFMA and its members support the stated purpose of the draft amendments, but do not agree that the draft amendments are the optimal way to achieve that goal.
SIFMA Comment Letter

MSRB Requests Comment on Updating Dealer Advertising Requirements and Applying Similar Standards to Municipal Advisors
The Municipal Securities Rulemaking Board is seeking comment on a plan to update its municipal securities dealer advertising rule, in addition to creating similar standards for municipal advisors. MSRB Rule G-21 has been in place since 1978 and established advertising standards for dealers. The Board is seeking to harmonize this rule with FINRA Rule 2210.
MSRB Press Release
MSRB Request for Comment

New NFMA Chair to Push for More Disclosure, Group Visibility in 2017
The new Chair of the National Federation of Municipal Analysts (NFMA), Julie Egan, who assumed the role on January 1, plans to increase NFMA’s visibility in the municipal market in the coming year, as well as push for more improvements to muni disclosure. NFMA sees opportunities to increase its reach by collaborating with other organizations – such as the National Association of Bond Lawyers, the Government Finance Officers Association, and the National Association of Municipal Advisors – and will also expand its state outreach.
The Bond Buyer Article



New SIFMA Research: U.S. Municipal Credit Report, 4Q’16
According to Thomson Reuters, long-term public municipal issuance volume totaled $100.3 billion in 4Q’16, a 7.5 percent decrease from $108.5 billion in 3Q’16 and a 31.1 percent increase year-over-year. ($76.5 billion). Including private placements ($4.5 billion), long-term municipal issuance for 4Q'16 was $104.9 billion. Full year issuance was $423.8 billion, an increase of 12.2 percent from 2015 well above the 10-year average of $372.0 billion. Including private placements, full year issuance was $445.8 billion. The municipal bond credit report is a quarterly report on the trends and statistics of U.S. municipal bond market, both taxable and tax-exempt. Issuance volumes, outstanding, credit spreads, highlights and commentary are included.

U.S. Quarterly Highlights, 4Q’16 from SIFMA Research
Long-term securities issuance totaled $1.54 trillion in 4Q'16, a 20.7 percent decrease from $1.95 trillion in 3Q'16 and a 3.0 percent increase year-over-year. All asset classes except mortgage-related securities experienced a decline q-o-q in the fourth quarter. For the full year, long-term securities issuance totaled $7.07 trillion, an increase of 4.6% from 2015, with increases in issuance in all asset classes except asset-backed securities and equity securities.

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. We invite you to explore this interactive database to find the companies and municipalities in your state that are accessing the capital markets to drive economic growth.



SIFMA’s C&L Annual Seminar: Join 1800+ C&L Professionals in San Diego - Mar. 19-22
There is only one month left to register for SIFMA’s C&L Annual Seminar! Discussions at this year’s C&L Annual Seminar in San Diego will include a panel on municipal securities origination, sales and trading. Subject matter experts from Bank of America, Bracewell, MSRB, RBC Capital Markets, and Stifel Financial will address topics including: Mark-Up Disclosure, Other Municipal Secondary Market Rulemaking, Municipal Securities Enforcement Update, and more. Join this premier event to hear from the industry’s leaders and regulators on emerging trends impacting the compliance and legal community.

Register for T+2 Settlement Conference: Industry Leaders to Discuss Next Phase on March 29
The industry is moving to a shorter settlement cycle from trade date plus three business days (T+3) to T+2 in the U.S. for most securities – including munis – with a target date of Sept. 5, 2017. Join us on March 29 at the T+2 Settlement Conference in NYC for a deep dive into the next phase of the industry's migration to T+2. Carl Tugberk, Assistant General Counsel at the MSRB, joins the Regulator Perspectives Panel to discuss changes to the rules that guide the settlement cycle and associated processes. These rule changes are "in-flight" and panelists will clarify the status of impacted rules as they move toward finality.

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