MSRB to open window on variable-rate munis

The Municipal Securities Rulemaking Board has submitted a plan for approval by the SEC today to collect and disseminate critical market information about auction rate bonds and other variable-rate municipal securities.
NOV 19, 2008
The Municipal Securities Rulemaking Board has submitted a plan for approval by the Securities and Exchange Commission today to collect and disseminate critical market information about auction rate bonds and other variable-rate municipal securities. The MSRB plan aims to increase transparency in the marketplace. It would require municipal securities dealers or their proxies to disclose information about interest rates set for auction rate securities. Dealers would be compelled to provide similar information concerning interest rate reset data and the type and term of liquidity facilities for variable-rate demand obligations. Under the plan, the MSRB intends to make this information available for free public access on its Electronic Municipal Market Access system. EMMA provides free municipal securities information and real-time trade data online and is geared toward non-professional investors. The plan includes a requested start date of Jan. 30 to begin gathering variable-rate-securities data. The MSRB will continue to develop components for the transparency system, including auction rate security bidding information, and documents detailing liquidity arrangements and auction procedures. “We plan to continue to provide the investing public with municipal market information to help ensure a fair and efficient market,” Ronald A. Stack, MSRB chairman, said in a statement. The MSRB also is awaiting SEC approval to make continuing disclosure documents for municipal bonds available on EMMA. The MSRB is based in of Alexandria, Va.

Latest News

Advisor moves: Cresset enters Boca Raton with $4 billion UBS team addition
Advisor moves: Cresset enters Boca Raton with $4 billion UBS team addition

Meanwhile, an advisor tuck-in from Edward Jones expands Kestra's Washington, D.C.-area presence, and Janney deepens its Connecticut footprint with an experienced Wells Fargo advisor.

Kovack Financial Network launches private succession platform for advisors
Kovack Financial Network launches private succession platform for advisors

KFN Succession Center pairs advisors weighing retirement with buyers, as next-gen affordability keeps eroding industry-wide.

Regulation lags rising private credit risks as retail access widens
Regulation lags rising private credit risks as retail access widens

New CFA Institute research calls for tougher valuation rules and suitability standards as private credit funds court wealth management clients.

LPL Financial, Raymond James land advisors managing $470M
LPL Financial, Raymond James land advisors managing $470M

Michigan father-son team with nearly 50 years of combined experience joins LPL, while a New Jersey advisor moves from Ameriprise to RJFS.

Wealth transfer timing: why waiting is the costliest mistake families make
Wealth transfer timing: why waiting is the costliest mistake families make

UBS expert Sarah Salomon says stewardship is built over time, not handed over in a will.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income