On April 23rd and 24th, the Board of Directors of the Municipal Securities Rulemaking Board (MSRB) held its third quarterly meeting for fiscal year 2025, at which the MSRB discussed engagement with the industry, market transparency initiatives, and regulatory modernization of its suite of rules through a retrospective rule review.
Market Transparency
At this meeting, the MSRB was apprised of the updates made to the Electronic Municipal Market Access (EMMA) website, and attendees discussed feedback submitted by industry stakeholders who were invited to participate in the initial round of beta testing.
Market Regulation
The MSRB discussed ongoing regulatory issues and retrospective rule reviews, including:
- Municipal Fund Securities (MFS): the Board addressed an initial evaluation of feedback submitted by market participants related to a concept release regarding modernization of MFS disclosure prior to additional analysis, outreach, and data gathering
- Market Infrastructure Rules: the Board identified areas within the MSRB rulebook that may provide opportunities for removing barriers to technological and product innovation in the municipal market and where MSRB could benefit from future broad stakeholder feedback on modernization
- Rule A-12: the Board approved additional technical amendments associated with its previously approved upcoming collection of information related to bank dealer-associated individuals
- Rate Card Request for Information (RFI): the Board reviewed public remarks and stakeholder feedback on the rate card and discusses possible modifications to the rate card to address stakeholder concerns, including stability and predictability in MSRB’s fees, MSRB’s reserves, and diversification of MSRB’s revenue mix
Finally, the Board also received an update on current MSRB research and the ongoing policy discussions surrounding the tax-exemption of municipal bonds.
Source:
MSRB Discusses Market Regulation and Transparency Initiatives at Quarterly Board Meeting (msrb.org)
