The MSRB closely monitored the impact of the coronavirus disease (COVID-19) on municipal market participants and market activity. This page was updated with additional information, resources and data to assist market participants and policymakers as the situation evolved.
The MSRB also worked to ensure the safety and well-being of MSRB staff. Staff worked remotely, and the MSRB suspended all work travel and in-person conference attendance.
The MSRB remained fully operational and was able to continue our important work safeguarding the municipal market. We remained in close communication with fellow regulators, including the SEC and FINRA, and market participants.
Market Data and Analysis
- 2020 Municipal Bond Market in Review
- Municipal Securities Market COVID-19-Related Disclosure Summary Report and Detailed Spreadsheet (discontinued, last updated the quarter ending March 28, 2021)
- COVID-19 Crisis Drives Spike in Transaction Costs for Municipal Securities
- Quarterly Statistical Summaries
- Trading in Municipal Bond ETFs During the COVID-19 Crisis: Price versus Net Asset Value
Resources
- Frequently Asked Questions Related to COVID-19 Pandemic Regulatory Relief
- Concerned about Continuing Disclosure in the Era of COVID-19? These Resources May Help
- The Importance of Disclosure for our Municipal Markets - Statement by SEC Chair Jay Clayton and Director, Office of Municipal Securities, Rebecca Olsen
- Spring 2020 Compliance Corner Newsletter
- Understanding Price Evaluations for Municipal Securities
- Free On-Demand Webinar: SEC Q&A on Continuing Disclosure plus EMMA Website Enhancements (Recorded March 19, 2020)
- MSRB Business Continuity Plan
- EMMA Market Statistics
- Municipal Market Indicators on EMMA
- MSRB Education Center
- Sign Up for MSRB Email Updates
Notices
- MSRB Notice 2022-05: MSRB to End Regulatory Relief that Extended Certain Professional Qualification Requirements Due to COVID-19 (July 25, 2022)
- MSRB Notice 2022-02: MSRB Provides Additional Regulatory Relief During COVID-19 Pandemic by Further Extending the Temporary Timeframe for Remote Office Inspections
- MSRB Notice 2021-10: MSRB Provides Interim Accommodation for the Municipal Advisor Principal Qualification Examination (Series 54 Exam)
- MSRB Notice 2021-04: MSRB Extends Compliance Date for Amended Form G-32
- MSRB Notice 2020-18: MSRB Provides Additional Regulatory Relief During COVID‑19 Pandemic (December 2, 2020)
- MSRB Notice 2020-11: MSRB Waives Market Activity Fees for Transactions with the Municipal Market Liquidity Facility (May 28, 2020)
- MSRB Notice 2020-10: MSRB Provides Resources for Municipal Bond Investors about Potential Effects of COVID-19 (May 26, 2020)
- MSRB Notice 2020-09: MSRB Amends Certain Rules to Provide Regulatory Relief During COVID‑19 Pandemic (April 9, 2020)
- MSRB Suspends Price Variance Alerts for Dealers (March 23, 2020)
- MSRB Notice 2020-08: MSRB Extends Comment Deadline on Request for Comment on Proposed Governance Enhancements (March 23, 2020)
- MSRB Notice 2020-07: MSRB Reminds Regulated Entities of Application of Supervisory Requirements in Light of Coronavirus (March 9, 2020)
Press Releases
- MSRB Provides Temporary Fee Waivers for Transactions with the Federal Reserve’s Municipal Liquidity Facility
- MSRB Enhances Usability of Disclosure Summary Report about Impact of COVID-19 (May 12, 2020)
- MSRB Chief Market Structure Officer to Support Federal Reserve on COVID-19 Response (April 27, 2020)
- MSRB Provides Temporary Regulatory Relief to Market Participants Affected by COVID-19 (April 9, 2020)
- MSRB Publishes Summary of State and Local Disclosures to Its EMMA System about Impact of COVID‑19 (April 2, 2020)
- MSRB Publishes Daily Data Showing Municipal Market Impact of Coronavirus (March 25, 2020)
