MSRB

"MSRB's strategic plan was shaped by the many conversations we've had with stakeholders from across the municipal securities market," MSRB CEO Mark Kim said.

"Regulatory change in this area is needed without further delay," SIFMA said in a letter.

By harmonizing its gift rule with FINRA's amended gift rule, the MSRB "aims for consistency in the application of MSRB and FINRA rules among dealers that are FINRA members," the MSRB's Ernesto Lanza said. 

The board also approved issuing a request for comment relating to disclosure documents for 529 plans and other municipal fund securities.

The average muni bond trade size fell below $204,000 in the first quarter, down 5% from 2025, according to Municipal Securities Rulemaking Board data.

"Retiring these terms eliminates unnecessary ambiguities associated with their use in MSRB rules," MSRB Board Vice Chair Wendell Gaertner said.

"Everyone that is in this industry relies on our technology," CEO Mark Kim said Thursday at a BDA conference in Chicago.

The MSRB should "eliminate all location-based concepts of supervision," SIFMA's Leslie Norwood said in a March 16 comment letter.

Founded in 2006, the women-owned firm ranks among the nation's top municipal advisors.

BDA "strongly supports FINRA and the MSRB remaining independent self-regulatory organizations," Mike Nicholas said. 

Currently, the 15-member board consists of eight public representatives and seven regulated representatives.

NFMA "serves a lot of core functions," said Angela Kukoda, its 2026 chair.

If building out AI tools requires a big investment, "it sure helps to have the capital," said Justin Marlowe, a research professor in the University of Chicago Harris School of Public Policy.

JPMS violated MSRB Rule G-32 as well as MSRB Rule G-27, FINRA found. 

The MSRB published the request for comment Nov. 3 to seek input on draft amendments to Rule D-15, which defines the term sophisticated municipal market professional.

"This would be an unnecessary change that would be difficult to administer and comply with and which would severely limit municipal entity choice," the Bond Dealers of America said in a comment letter.

"MSRB is committed to ensuring our regulatory framework keeps pace with an evolving market," MSRB Board Chair Natasha Holiday said.

"These municipal bond schemes improperly divert new issue bonds to bad actors at the expense of bona fide retail investors," FINRA's Meghan Ferguson said.

MSRB CEO Mark Kim described GFOA's letter suggesting changes the MSRB could make as "very constructive, very valuable."

"We are on the cusp of major changes in how the municipal securities market operates," Dave Sanchez, director of the Securities and Exchange Commission's Office of Municipal Securities, said last week.