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Contact: Aleis Stokes, Chief External Relations Officer 
              202-838-1500 
              astokes@msrb.org

MSRB ANNOUNCES DISCUSSION TOPICS FOR QUARTERLY BOARD MEETING

Washington, DC – The Board of Directors of the Municipal Securities Rulemaking Board (MSRB) will meet on January 29-30, 2025, to hold the second quarterly meeting of fiscal year 2025.

Highlights of the Board discussion will include: 

Market Regulation
The Board will discuss regulatory matters and receive updates on several ongoing retrospective rule reviews:

  • Rule G-32: Discussing ongoing work on potentially simplifying the submission process for Form G-32 in connection with new issue offerings.
  • Rule G-27: Discussing various aspects of current dealer supervisory obligations in light of changing work patterns and municipal market-specific practices.
  • MA Regulatory Framework: Beginning the process of holistically reviewing the body of municipal advisor rules adopted after the enactment of the Dodd-Frank Act.


Market Structure
The Board will discuss recent and upcoming research publications including MSRB's 2024 Municipal Market Year in Review, a report on the correlation between tax-exempt interest rate volatility, nominal tax-exempt yields and trading volume and a report on the increased participation by institutional investors in odd-lot trades.

Market Transparency
The Board will also receive an update on the modernization of the Electronic Municipal Market Access (EMMA) website, including ongoing stakeholder feedback received during the first round of ‘beta’ testing. The newly redesigned EMMA website is scheduled to be launched before the end of 2025.

The Municipal Securities Rulemaking Board (MSRB) protects and strengthens the municipal bond market, enabling access to capital, economic growth, and societal progress in tens of thousands of communities across the country. MSRB fulfills this mission by creating trust in our market through informed regulation of dealers and municipal advisors that protects investors, issuers and the public interest; building technology systems that power our market and provide transparency for issuers, institutions, and the investing public; and serving as the steward of market data that empowers better decisions and fuels innovation for the future. MSRB is a self-regulatory organization governed by a board of directors that has a majority of public members, in addition to representatives of regulated entities. MSRB is overseen by the Securities and Exchange Commission and Congress.

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