Market Advisories

The MSRB brings public attention to municipal securities market practices, products or trends to promote dialogue and propose solutions to challenges that may have an impact on the integrity of the market. View MSRB market advisories by topic below.

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Selective Disclosure

In September 2017, the MSRB published a market advisory to increase awareness among municipal bond issuers of the importance of disclosing material information fairly, equitably and in the public domain. When it occurs, the practice of “selective disclosure” creates an information imbalance that favors a limited group of bondholders, which may include analysts for investment banking firms, investment advisers or institutional investors, who are given access to material information that others do not have.

Read the market advisory.

Issuer's Designation of Underwriter's Counsel

In July 2017, the MSRB published a market advisory addressing the practice of issuers of municipal securities designating or influencing the selection of underwriter's counsel. This practice gives rise to actual or potential conflicts of interest in the counsel’s representation of the underwriter, and calls into question counsel’s ability to carry out its responsibilities with the necessary degree of independence from the issuer, to act with undivided loyalty and to be free from conflicting allegiances in providing legal counsel to the underwriter.

Read the market advisory.

Bank Loan Disclosure

The MSRB encourages issuers and obligated persons to utilize the EMMA website for the voluntary disclosure of information about significant bank loans and other financings that may not be required under the terms of an existing continuing disclosure agreement. Such disclosures can provide bondholders, potential investors and other market participants access to key information useful in assessing their current holdings of municipal securities or in making investment decisions.

View MSRB resources and information on voluntary disclosure or information about significant bank loans