MSRB quarterly meeting to discuss its many rule proposals

The Municipal Securities Rulemaking Board’s upcoming meeting of its board of directors April 17-18 will focus discussion on its many rule proposals underway.

The board will review the public comments they received as part of the request for information on small firms, which saw 22 different firms and groups submit responses.

They will also discuss the potential codification of confirmation requirements for certain inter-dealer trades as part of MSRB Rule G-12(c), and will also receive an update on the pending rule proposal to shorten the timeframe for trade reporting as part of its amendments to Rule G-14 on time of trade.

The time of trade proposal has had a bumpy road so far, but the board made some changes along the way, as evidenced in the exemptions put forward for de minimis market activity and manually executed trades.

The board will also discuss potential modifications to its definition of a sophisticated municipal market professional as part of Rule D-15. That is being looked at in closer detail as part of the retrospective review of the MSRB’s time of trade disclosure.

Another rule that is set to come up during the upcoming meeting is Rule G-32 on new issue disclosures. The board will complete a review of recent changes to the submission process for primary market disclosures on the MSRB’s EMMA website.

Outside of its efforts in market regulation, the board will also receive an update on its work to modernize its EMMA website and related market transparency systems. They will also “review recent and upcoming research and education publications and discuss potential opportunities for future pieces,” the MSRB said.