MSRB

The MSRB will seek comment on Rule G-3 on professional qualifications that would add an exemption for muni advisors having to requalify in instances where their qualification had lapsed.

As issuers push against a financial disclosure bill pending in the Senate, some buy-siders say standardized disclosure would attract more investors and boost liquidity.

In its analysis of primary market data from 2019 to 2021, the MSRB showed that market participants fled competitive offerings during the COVID period and preferred private placements.

The Municipal Securities Rulemaking Board's meeting will discuss the scope of its Form A-12 modernization efforts, authorizing a request for comment on a certain MA exemption and extending COVID relief under MSRB Rule G-27, among others.

Should the proposal go forward, the board should provide analysis and evidence as to how such a requirement would benefit the market, dealers said.

The Municipal Securities Rulemaking Board's intends to spend $45.5 million over the course of FY2023.

Legislation requiring standardized financial disclosure from issuers is attached to a must-pass defense bill, which narrows the window to fight the measure.

Meredith Hathorn's almost forty years in public finance situate her well to steward the board through the coming fiscal year.

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.