Market Advisories

The MSRB monitors municipal securities market practices, products and trends, and releases market advisories to bring public attention to any developments that may have an impact on the integrity or fairness of the market. Market advisories are intended to raise awareness or highlight best practices. They do not create regulatory obligations or prohibitions. View MSRB market advisories by topic below.

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.