Message from Leadership


  "This year, input from stakeholders, as well as the demand to keep pace with both market and technological change will feature prominently in our activities"

- Gary Hall, Chair
Lynnette Kelly, President and CEO

Our objectives for fiscal year 2019 align closely with the mission we strive to uphold not only through our statutorily driven activities, but also our interaction with stakeholders and what we hear from them.  This year, input from stakeholders, as well as the demand to keep pace with both market and technological change will feature prominently in our activities.

To do that, we are exploring big data and cloud computing in two ways. We are conducting a feasibility assessment of a potential cloud migration for our market transparency systems to ensure that we address long-term reliability, data quality and security. We are also leveraging the power of cloud computing to begin an analysis of unstructured market data to evaluate their potential and value to the market and its participants.

As a self-regulatory organization, our market participants are essential to our work. These participants come from all sides of municipal market transactions—they are the investors and the municipal entities that we protect and the financial professionals that we regulate. Fostering an open forum all market participants to share feedback with us will aid in the development of our compliance resources, as well as improve the disclosure submission process. This year, we have formed new advisory groups to add greater insight to policy questions under consideration. These groups will include members from all areas of the municipal securities market. We also are making other changes to expand the MSRB’s access to balanced, expert market knowledge from a variety of professionals in the market. This year, we MSRB Board members, not just staff, will have multiple touchpoints with stakeholders through  formal meetings, town halls and firm visits.

In FY 2019, our focus for regulated entities will be to ensure that our rules are up-to-date, effective and reflective of current market practices. We also will prioritize efforts to support consistent interpretation of the rules by examination and enforcement authorities. We will continue an ongoing retrospective rule review with an eye toward fine-tuning market regulations to ensure that they are appropriately tailored, function efficiently and are consistent with those of other regulators, when possible.

As always, our crown jewel, the Electronic Municipal Market Access (EMMA®) website, will continue to be a priority. This year, we will make improvements for municipal entities that submit bond disclosure information to EMMA. The improvements are responsive to stakeholder feedback gathered through focus groups and other engagement and will improve the quality of indexing data for disclosure documents and integrate relevant tools and resources for issuers throughout the submission process.

Fiscal year 2019 will bring changes and challenges for our market and the MSRB. An ever-changing environment requires us to be nimble and responsive. While we continue to evolve and adapt to change, we welcome any feedback or suggestions to help make our work and processes as appropriate and efficient as possible.

Gary Hall, Chair
Lynnette Kelly, President and Chief Executive Officer