MSRB

Jonathan Fiebach, David Womack, Elizabeth Coolidge and Jeff White have each been elected to serve a four-year term beginning on Oct. 1

The filing comes after the MSRB in January published a request for comment seeking input on draft amendments to Rule G-27.

During the meeting, the board also approved a $48 million FY2027 budget, representing a 3.7% increase from the MSRB's FY2026 budget.

The meeting, set for July 22 and July 23, will be the board's final quarterly meeting of fiscal year 2026.

"We're basically engaging more of the bond market ecosystem in everything we do," said Mike Nicholas, CEO of the Bond Market Association.

The Municipal Securities Rulemaking Board's EMMA website is getting a revamp this year, Chief Product Officer Brian Anthony told a GFOA committee.

Conners & Co. consented to FINRA's findings without admitting or denying them.

"It's hard to know whether a decrease in enforcement is a statistical blip or early evidence of [a] meeker, milder FINRA in the current era," said Benjamin Edwards, an associate dean at UNLV law school.

The firm violated MSRB Rules G-47 and G-27, FINRA found

"When FINRA and MSRB rules which cover similar functions differ in their application, it raises compliance costs for dealers and raises the risk of inadvertent noncompliance," the Bond Dealers of America said in its letter.

Ed Fierro, a partner at Bracewell, said "making any changes to the rule is a very lengthy process."

The former Massachusetts congressman "was a true champion for the municipal bond market," GFOA's Emily Brock said.

The SEC is now focused on "quality of cases versus quantity," the SEC chairman said during a discussion held as part of the 2026 FINRA Annual Conference.

"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.