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FINANCIAL MARKET COURSES

Municipal Bonds (US) – An Introduction

Municipal bonds, commonly referred to as ‘munis’, are debt securities issued by states, cities, counties, and other governmental entities. These securities help these entities raise capital for various public purposes – such as building schools, highways, hospitals, and other special projects. A primary feature of many municipal securities is that the interest received by investors is generally exempt from federal income tax, and may also be exempt from state and local taxes. The market for munis received a huge boost in 2009 with the introduction of Build America Bonds (BABs) as part of President Obama's American Recovery and Reinvestment Act to stimulate the economy and create new jobs.

 

This course provides a broad overview of the municipal bond market, focusing on the main features and issuers of these instruments and the regulatory bodies and legislation relevant to the market.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Describe the structure and development of the municipal bond market

    Explain how the municipal bond market is regulated

  • COURSE OUTLINE

    Topic 1: Overview of Municipal Bonds

    Background

    Taxation Of Municipal Bonds

    Types of Municipal Bonds

    o General Obligation (GO) Bonds

    o Revenue Bonds

    Build America Bonds (BABs)

    Credit Quality

    Market Size & Evolution

    Issuance Trends

    Topic 2: Regulation of Municipal Securities

    Regulatory Background

    Municipal Securities Rulemaking Board (MSRB)

    MRSB Board Membership

    MSRB - Rulemaking

    o Professional Qualifications

    o Recordkeeping

    o Uniform Practice Rules

    o Fair Dealing and Suitability

    o Market Integrity

    o Use of Confidential Non-Public Information

    Applicable Securities Laws

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    60 Minutes

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