MSRB Advances Key Rulemaking Initiatives
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| This fall has been a busy one for MSRB’s rulemaking agenda. In September, following more than two years of rulemaking efforts informed by stakeholder feedback, MSRB received approval from the Securities and Exchange Commission (SEC) to amend MSRB’s trading reporting rule, MSRB Rule G-14. The rule change shortens the time for municipal securities trades to be reported to MSRB from the current 15-minute standard to as soon as practicable, but no later than one minute after the time of trade, with exceptions for manual trades and firms with limited trading activity. The amended rule represents a significant modernization of the trade reporting paradigm, improving market transparency and advancing fairness in the municipal securities market. Read the press release. In October, MSRB issued a Request for Information (RFI) seeking input on its rate card fee-setting process to evaluate potential modifications to its rate card model. This RFI followed extensive dialogue and engagement with industry stakeholders aimed at better understanding the perspectives of market participants on the impact of market volatility on MSRB’s fees. MSRB plans to leverage the comments submitted in its review of the rate card fee setting process and institute changes deemed necessary or appropriate for calendar year 2026. Read the press release. |
October Board Meeting Summary
At its October quarterly board meeting, in addition to discussing MSRB’s rate card RFI, the Board continued its discussion about the potential collection of pre-trade municipal market data. The Board evaluated stakeholder feedback received since it approved the publication of a pre-trade concept release in July and agreed to continue an open dialogue with stakeholders as the concept release is finalized. The Board also approved the following regulatory initiatives:
Rule D-15: Issuing a Request for Comment on the definition of sophisticated municipal market professionals (SMMPs).
Rule A-12: Filing an amendment with the SEC to enhance the collection of information related to bank dealer associated person.
A live demonstration of a “beta” version of the modernized Electronic Municipal Market Access (EMMA) website was presented at the meeting. The upcoming version of EMMA features stakeholder-driven enhancements to the user interface and experience, including a more powerful search engine and the ability for users to create customized dashboards.
In addition, the Board announced the promotion of Tangie Davis to a new position as MSRB’s Chief of Staff, overseeing the organization's information technology services, finance, human resources, and administration functions. Read the press release.
MSRB Publishes FY 2025 Budget
On October 1, MSRB published its annual budget to report on the allocation of resources to fulfill its congressional mandate to protect investors, issuers and the public interest by promoting a fair and efficient market. As shared in the report, MSRB considered the stakeholder perspectives on how MSRB communicates its budget and strategic priorities to the public. As a result, MSRB’s FY 2025 budget provides more detail and context about its strategic investments, particularly in technology, which has helped to bolster stakeholder confidence in MSRB’s financial stewardship. Read the budget.
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| MSRB CEO Mark Kim recently spoke with FINRA CEO Robert Cook at a fireside chat during the FINRA Diversity Leadership Summit. Mark shared his personal story, discussed the importance of diversity at MSRB, and offered his perspective on the role of regulation in fostering more inclusive capital markets Listen to an excerpt here. |
Rules and Guidance Roundup
Visit the Rules and Guidance page of msrb.org to stay up-to-date with the latest requests for comment, proposed rule changes, rule approval notices and market advisories.
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