MSRB BOARD AUTHORIZES FURTHER AMENDMENTS TO RULE G-14, WITHDRAWS PRE-TRADE CONCEPT RELEASE

Washington, D.C. - The Municipal Securities Rulemaking Board (MSRB) today announced that at its previously scheduled meeting on March 6, 2025, the Board approved the filing of amendments to MSRB Rule G-14 to make substantive changes to the transaction reporting requirements that the SEC approved last year, but which have not yet become effective.

The Board’s action follows MSRB’s earlier announcement of a delay in setting an effective date for those requirements, as well as the statement by FINRA that it intends to amend its own similar rule for trade reporting of Trade Reporting and Compliance Engine (TRACE)-eligible securities under FINRA Rule 6730. MSRB’s filing will maintain regulatory consistency across the corporate and municipal bond markets and will also respond to extensive and valuable input that MSRB has received from market participants, including the ability of regulated entities to comply with the rules and potential unintended consequences for the municipal securities market.

“As always, stakeholder engagement is an essential part of the regulatory process for the self-regulatory model, but the feedback loop does not stop once a rule is approved by the SEC,” MSRB CEO Mark Kim said. “We appreciate the willingness of market participants to share with us their perspectives as MSRB remains committed to ongoing dialogue and ensuring that further amendments to Rule G-14 are coordinated with FINRA, which is contemplating similar changes to its own trade reporting rule.” 

MSRB will not establish an effective date for the amendments approved by the SEC last year in their current form. Instead, MSRB intends to file further amendments to Rule G-14 with the SEC, which are expected, at a minimum, to establish less significant reductions to current reporting timeframes for manual trades. Once filed, the new amendments will then be published for public comment in the Federal Register and will require SEC approval before becoming effective. Upon approval, MSRB will continue to coordinate with FINRA in establishing an effective date for the amendments.

In addition, the Board voted to withdraw its pre-trade concept release that was published in January to ensure stakeholders have adequate time and resources to focus on providing any additional comments or feedback regarding further amendments to Rule G-14.