MSRB

The MSRB will retire 15 pieces of guidance, though those will still be available online for historical purposes.

The board had planned to abolish the requirement that MAs advising on competitive deals apply for CUSIP numbers, but has now decided to keep the rule as is.

The agenda includes discussion of possible changes to MSRB Rule G-10, on investor and municipal advisory client education and protection.

The Municipal Securities Rulemaking Board is requesting comment on requiring more written disclosure from solicitor municipal advisors, which make up just 19% of all MA firms.

Among over 1,200 dealers registered with the MSRB, 21 firms are bank dealers who would be impacted by the change.

Trade volume increased by just 4% compared to 2019 following a volatile year for munis.

The use of alternative trading systems is growing, accounting for 21% of all trades in 2020.

The shift was due mainly to the growth of separately managed accounts and other alternative ways that retail investors get involved in the market.

The case is significant because so many municipal market participants rely on audited financial statements.

Much of the material being retired dates back more than 35 years.