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Tag Archives: MSRB

“Too big to fails” in the muni markets…

America’s largest banks are the prime underwriters of muni debt and swaps… this area of the market has been a particularly abusive part of Wall Street. Their behavior against municipalities is a charge against them in the discussion of whether they should be broken up. There are many stories of predatory behavior towards municipal officials… muni swaps […]

Emma’s getting stronger…

MSRB NOTICE 2009-31 (JUNE 10, 2009) MSRB RECEIVES APPROVAL TO ACCEPT FILINGS OF  VOLUNTARY CONTINUING DISCLOSURES TO THE MSRB’S ELECTRONIC MUNICIPAL MARKET ACCESS (EMMA) SYSTEM On June 3, 2009, the Municipal Securities Rulemaking Board (the “MSRB”) received approval from the Securities and Exchange Commission (the “Commission”) for the Electronic Municipal Market Access system (“EMMA”) to […]

Hello Emma…

She’s here! Emma.… democratizing access to information in the muni markets… yes! Edgar’s long awaited little sister…  investors now have much better formal access to information about municipal issuers and their ongoing material events… and linked with prices of recent trades for the issuer’s securities… from the MSRB: Release Date: June 1, 2009 Contact: Jennifer […]

Babs and other tax credit bonds

MSRB NOTICE 2009-15 (APRIL 24, 2009) The American Recovery and Reinvestment Act of 2009 added a provision to the Internal Revenue Code that authorizes state and local governments to issue two types of “Build America Bonds” as taxable governmental bonds with Federal subsidies for a portion of their borrowing costs. The first type of Build […]

Muni regulator regrets enabling taxpayer losses

From Bloomberg…. ~~~~Municipal Market Regulator Regrets Enabling Taxpayer Losses  By Darrell Preston March 25 (Bloomberg) — The former chief regulator for the $2.69 trillion municipal bond market for the first time acknowledged that the governing board failed to save taxpayers in Detroit, Jefferson County, Alabama, and local California governments from suffering more than $1 billion […]

Auction rate securities reporting facility update

The Municipal Securities Rulemaking Board reminds dealers of the January 30, 2009 effective date for dealers to report, or ensure the reporting of, interest rate and descriptive information about municipal Auction Rate Securities to the MSRB’s Short-term Obligation Rate Transparency (“SHORT”) System. The MSRB has published a notice that: (i) includes an updated version of SHORT […]