Skip to main content

For updates and guidance related to COVID-19 / Coronavirus, click here.

MSRB Due Diligence Report Card

The MSRB Due Diligence Report Card is a monthly status report to help firms monitor their issuances being brought to market in order to support firm's due diligence efforts.  The report shows how many total issuances have been brought to market and which of those had issuers with previous issuances in the market that are lacking current audited financial filings (LCF) on EMMA.  If any of the issuances being brought to market have a previously issued CUSIP LCF, then the current issuance is identified on this report card.

The report offers two alternative views:

  • The Summary view, containing a monthly view of statistics on the number of missing financial filings and timeliness of issuances submitted by your firm; and

  • The Detailed Data view, which shows the details of these issuances.

Please note that your firm will not see 12 months of "MSRB Due Diligence Report Card" data until you have submitted 12 months of G-32 filings.  Also each monthly report cared will display a snapshot of your firm's compliance at a particular point in time and will not be updated to reflect submission made after the report card is published. Please see the Summary View and Detailed Data View sections of the help document for more information.    

The information in this report is provided to assist FINRA members in assessing and monitoring compliance with certain reporting obligations.  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 send an email to the Report Center administrator at [email protected] or contact FINRA Regulatory Operations at (202) 728-8011

Summary View

The Summary view of the MSRB Due Diligence Report Card provides monthly statistics related to issuances being brought to market that have previous issuances for the same issuer (common base CUSIP) that are lacking current audited financial filings.

The table below provides a reference description for the elements found in the Summary View of the MSRB Due Diligence Report Card.

Term

Description

Total Issuances Count of Official Statement submissions that were underwritten by the firm during the period.
Issuances where previous issues were LCF Count Any issuances where a previously issued municipal security (i.e. CUSIP) by the same issuer was lacking current financial filings.
Issuances where previous issues were LCF % This is the % of issuances where any previous issues were LCF (Issuances where previous issues were LCF Count / Total Issuances).
Peer Group This value identifies the group of firms with similar underwriting activity over the preceding 3 months. Peer groups are determined based on the number of OS filings a firm submitted to MSRB's EMMA system during the current month and previous 2 months (i.e. rolling 3 month period).   Peer groups are defined as:  
  • 1 = Top 12% of firms
  • 2 = Firms in the percentile > 12% to 50%
  • 3 = Bottom 50th percentile of firms
  • 4 = Firms with no OS underwriting filings in the preceding 3 months
Users can see the members of their peer group by clicking on the peer group number.  This is only available in the peer table.
Peer Group Total Issuances Count of OS submission that were underwritten by the firms in the peer group.
Issuances where previous issues were LCF Peer Group Count Count of issuances where a previously issued municipal security (i.e. CUSIP) by the same issuer was lacking current financial filings for all firms in the peer group.
Issuances where previous issues were LCF Peer Group  Mean % This is average LCF % value of for the firms in the peer group.
Issuances where previous issues were LCF Peer Group  Median % This is middle LCF % value of for the firms in the peer group.
Industry Total Issuances Count of OS submission that were underwritten by all firms during the period.
Issuances where previous issues were LCF Industry Count Count of issuances where a previously issued municipal security (i.e. CUSIP) by the same issuer was lacking current financial filings for all firms.
Issuances where previous issues were LCF Industry Group  Mean % This is average LCF % value of for the firms.
Issuances where previous issues were LCF Industry Group  Median % This is middle LCF % value of for the firms..
Link to Details This link is used to obtain the specific issuances for the firm that are determined to be lacking current financial filings.  

Detail Data

The Detailed Data view of The MSRB Due Diligence Report Card displays details about the issuances included in the Summary counts. To access the details for the Summary counts, the user can click on the ‘Link to Detailed Data’ hyperlink, or use the View drop-down at the top of the report to navigate from the Summary view to the Detail views.

The table below provides a reference description for the elements found in the Submitted Filing Detail Views of the MSRB Due Diligence Report Card.

Term

Description

Submission ID This is the unique identifier assigned by EMMA at the time of the first submission of data related to the identified offering. .
Issuer This is the name of the issuer of this offering.
Issue Description This is the description of the issue(s) included in the offering
Issuing CUSIP 6 The base CUSIP for the issue underwritten.  This CUSIP identifies the issuer of the security.
Closing Date of Issuing CUSIP This is the date your firm indicates the issue is expected to settle. If this offering contains several issues and those issues have different closing dates, the report card displays the earliest closing date provided.
Underwriter(s) of Previously Issued CUSIP The firm that underwrote the previously issued CUSIP that was determined to be lacking current financial filings.  This value may be the same or different firm as who issued issue being evaluated.
Submission Date of Previously Issued CUSIP This is the date the Official Statement was posted to MSRB's EMMA web site for the previously brought to market issue.