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Contact: Jennifer A. Galloway, Chief Communications Officer
               202-838-1500
               jgalloway@msrb.org

MSRB SOLICITS INPUT ON RETROSPECTIVE REVIEW OF PRIMARY OFFERING PRACTICES

Washington, DC – As part of its ongoing commitment to reviewing existing rules in light of an evolving municipal marketplace, the Municipal Securities Rulemaking Board (MSRB) today published a concept proposal to solicit input from market participants on MSRB rules on primary offering practices.

“Issuing a concept proposal is an important way for the MSRB to collect information that helps us understand the varied perspectives of municipal market participants and determine whether there are in fact issues to be addressed, either by advancing a rule proposal or considering alternative approaches such as providing guidance,” said MSRB Executive Director Lynnette Kelly.

Today’s concept proposal seeks insight on evolving primary offering practices and whether the current rules continue to operate effectively or whether changes to MSRB Rule G-11, on primary offering practices, and Rule G-32, on disclosures in connection with primary offerings, may be warranted.

“After a series of very helpful informal discussions with a diverse range of market participants, the MSRB came away with several questions that we want to put to the market more generally,” Kelly said. “Our goal is to learn what, if any, regulatory proposals, guidance or educational resources may be beneficial to enhance the fairness and transparency of the primary offering process for municipal bond investors, issuers and syndicate members.”

Comments on the MSRB’s concept proposal should be submitted no later than November 13, 2017. View the concept proposal.


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. The 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. The 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. The MSRB is overseen by the Securities and Exchange Commission and Congress.