Financial regulations

The MSRB took no concrete actions at its meeting that ended last week, but discussed initiatives important to market participants.

Some industry observers still question the need for machine-readable municipal disclosure.

Regulators have ambitious plans for 2023, which include best execution and time of trade proposals.

Municipal issuers pushed hard but unsuccessfully against the bill, which gives them four years to standardize their financial information.

The latest version of a controversial financial disclosure bill includes changes that benefit muni issuers after a major push by the public finance lobby.

The provision shifts rulemaking and enforcement of the new disclosure standards to the SEC from the MSRB, which was charged with the task in an original version.

The municipal dealer community supports market transparency. The proposal before Congress, however, is poorly conceived, has few if any market supporters, and has the potential to be very expensive.

Even without formal rules tailored to the municipal market, ESG integration will likely come to the muni market faster than expected.

After thirty years at the Commission, Lori Price will begin as director for the Office of Credit Ratings Aug. 14

Puerto Rico-based Ocean Capital is trying to gain control of several local tax-free income funds by electing members to the funds' board of directors, but current board members have refused to give up their seats.