EMMA and Municipal Market Transparency. The EMMA website is funded and operated by the Municipal Securities Rulemaking Board (MSRB), the self-regulatory organization charged by Congress with promoting a fair and efficient municipal securities market. May 29, · Remarks at Municipal Securities Rulemaking Board’s 1st Annual Municipal Securities Regulator Summit Commissioner Daniel M. Gallagher Washington, DC May 29, Thank you, Lynnette [Kelly], for your very kind introduction. I am honored to be today’s keynote speaker at the first MSRB Municipal Securities Regulator Summit. The MSRB has always been an important institution, . Dec 24, · The Draft Rule makes conforming changes to MSRB Rules G-8 and G-9 (required records and preservation period, respectively) and Forms G and Gx (required reporting to the MSRB). The Draft Rule is slated to take effect between six and 14 .
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Specifically, municipalities should follow the new GASB pension accounting standards. In fact, I believe all municipalities should be held to that standard. But in addition, there should be a common disclosure baseline against which all municipalities can be compared. First, entities should value and disclose their liability using a risk-free discount rate, for example, the treasury yield curve, applied to all benefit liabilities.
Entities would be free to explain to investors why the differences exist. I am thrilled that the GASB is working to improve transparency on this important issue, and its work should be finished as soon as practicable.
Liabilities resulting from promises to pay health care or other benefits to retirees should be as clear as pension liabilities. I believe these disclosures are necessary to make financial statements prepared using GASB standards not misleading. Thank you for giving me the honor of kicking off this important, inaugural conference.
I wish you all an enjoyable and educational day. The values entered are as of Q4 See also Commissioner Michael S. The regulatory authority to require banks to report such trades to TRACE is vested in bank regulators, who have thus far chosen not to require banks to report this information, impeding the ability of TRACE to provide a comprehensive picture of the corporate bond markets.
Healey et al. See U. Times Dec. Times Feb. Times Apr. Lubben, Pensions vs. Treasury chief to visit Detroit , Detroit News Apr. See, e. Under new GASB standards adopted in and currently taking effect, it is not appropriate. This is separate from the question of the rate pension funds will earn on their investments.
Task Force Final Report at 17 noting that the Detroit bankruptcy has raised the question of whether federal bankruptcy law might preempt even state constitutional protection for worker pensions. Using earnings assumptions to value liabilities can make systems appear better funded than they are, making it easier for governments to avoid hard choices to shore up funding and potentially encourage changes to benefits or contributions in ways that would reduce future funding levels. Munnell et al.
Burn the Cash , Forbes Feb. Basically, take two plans, with identical liabilities, and identical assets in stocks. But one has extra money in Treasuries. The one with the Treasuries should be seen as better-funded, because it has more money, in a low-risk investment at that.
But the plan with the Treasuries will assume a lower rate of return after averaging the stock and bond returns together, thus decreasing its assumed rate of return in the future, and increasing the present value of the liability.
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