MSRB

The MSRB's proposal to reduce trade reporting times will harm smaller dealers who don't have the resources to automate their order flow, according to comments the Board received.

The Securities and Exchange Commission has approved the Municipal Securities Rulemaking Board's proposed changes to Rule G-34 on CUSIP applications, removing the requirement for municipal advisors to file new issue applications in one business day, among other changes.

A key distinction commenters raised is the difference between ESG-related credit risk disclosures and non-credit risk ESG information about the issuer or the bonds.

The proposal may be less feasible for certain types of trades, market participants said, especially larger trades.

The MSRB announced new board leadership as well as a revision to a controversial fee structure proposal.

The 2023 fiscal year chair, vice chair and four new members will be announced after the meeting and the board will adopt its FY 2023 budget.

The MSRB has released a mid-year research report showing the sharp decline of taxable issuances, significant outflows from mutual funds and a particularly fruitful last few months for individual investors.

The MSRB’s proposed changes to its fee structure fails to address the discrepancy between fees generated from dealers and municipal advisors in addition to a lack of transparency in its budgeting process.

Lanza said the "time was right" to return to the private sector.