MSRB G-32 Report Card
Effective on June 1, 2009, amended MSRB Rule G-32 consolidated the filing requirements of former Rule G-36 and the official statement delivery requirements of former Rule G-32. FINRA provides the MSRB G-32 report card to help underwriters of municipal securities analyze and improve compliance with MSRB Rule G-32 and related reporting to the MSRB's Electronic Municipal Market Access System (EMMA). Published on a monthly basis, the report contains two views of a firm's data:
Note: All filing information contained in this report has been provided by the MSRB and its accuracy has not been verified by FINRA. If inaccuracies are discovered or you have questions regarding the content of this specific report, please contact FINRA Member Regulation at (202) 728-8133.
For more information on the MSRB G-32 Report Cards, view the tutorials.
Please note: MSRB Rule G-32 has replaced MSRB Rule G-36, effective June 1, 2009; as a result, the MSRB G-36 Report Card is no longer being published.
To assist firms with meeting SEC and MSRB customer disclosure requirements for municipal securities (see FINRA Notice 10-41), this monthly report helps firms review municipal security trade activity. Specifically, it identifies trades involving municipal securities in which key disclosure information (e.g., official statements and financial information) was not available on the MSRB's Electronic Municipal Market Access system (EMMA) when the trade was made, and also those trades involving securities that have been the subject of a disclosure through EMMA during a certain time period.
The report includes summary data, including counts and other statistics, and detail data about specific trades. Firms can use this information to assist in reviewing their municipal bond sales to help determine if they are taking available information into consideration and making appropriate disclosures of material information at the time of trade.
Note: As of March 2014, the Municipal Continuing Disclosure Report was enhanced to include all customer-related trades. In addition to this change, the report was updated with:
The Municipal Primary Offering Disclosure Report is published on a monthly basis to help firms monitor their compliance with the disclosure requirements of MSRB Rule G-32(a), which apply to all broker-dealers that sell municipal securities. MSRB Rule G-32(a) requires firms to provide customers with an official statement (or a notice explaining how the OS may be obtained from the EMMA Web site) if a municipal transaction occurs within the primary offering disclosure period, as defined in Rule G-32(d)(ix). This requirement applies to secondary market transactions as well as to primary market transactions, as long as they occur during the primary offering disclosure period.
The report provides firms a rolling 12 months of statistics related to their municipal bond transactions with customers, and allows firms to request details of the transactions subject to the OS delivery requirement. It is important to note that the report does not indicate whether the firm provided documentation required by MSRB Rule G-32 for each transaction—instead, it identifies those transactions to help firms ensure appropriate customer disclosure procedures are in place and have been followed.
For questions or help, contact the Report Center administrator.