MSRB

Brett, whose term ends this week, oversaw the MSRB's push for a greater integration of technology as well as overseeing some controversial rule proposals.

The Municipal Securities Rulemaking Board voted to amend its Rule G-40 on advertising by muni advisors and Rule A-12 on registration during its final board meeting of the year.

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.

Largely attributable to Fed interest rate increase-led volatility, outstanding municipal bonds lost $300 billion of market value in the first quart of 2022, a Municipal Securities Rulemaking Board report said.

Disclosure around ESG-related risk factors to credit as well as for ESG-labeled bonds remains a mixed landscape that reflects the heterogenous nature of the muni market itself.

The Municipal Securities Rulemaking Board’s visiting scholar Lourdes Germán will use the board’s data to help research ESG trends in public finance, including the impact of ESG on the secondary market.

The MSRB addressed its controversial request for information during the Government Finance Officers Association’s first live conference in two years.

The Municipal Securities Rulemaking Board has filed a proposal to change its fee structure to account for prior year market results in a move that will help the board cover budget shortfalls.

Issuer fears that ESG regulation will lead to disclosure trouble are overblown, the SEC’s muni office chief said Wednesday.

An MSRB analysis finds that trading volumes have fallen dramatically since the Great Recession, led by a drop in short-term paper, while trading surged at certain times of uncertainty and market dislocation.

The MSRB plans to issue a request for comment on its Rule G-14, in addition to publishing a summary of the comments on its request for information on ESG factors.