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.

Dealers say increased focus on systemic pennying has decreased its activity, while others aren't so sure.

The reduction would be the largest the MSRB has done, substantially more than a previous one which caused a loss of $5.2 million.

This will be MSRB’s first board meeting of the calendar year.

A handful of government representatives will give advice on 529 plans in the MSRB's Municipal Fund Securities Advisory group.

Dealers said the pandemic has highlighted the challenges of outdated rules and the need to modernize them.

John Hallacy, founder of John Hallacy Consulting LLC, talks about the most important opportunities and challenges the municipal bond market will face in 2021. He gives his estimate on where muni volume may be headed, discusses the possibility of a federal infrastructure program and talks about what to expect under a Biden Administration. Chip Barnett hosts. (Recorded Dec. 22; 22 minutes)

The MSRB is planning to overhaul existing rules in 2021, while stakeholders will lobby the SEC for and against reviving a registration exemption for muni advisors.

Washington Bureau Chief Kyle Glazier discusses what is in store for munis in 2021, how the SEC and MSRB will function under a Biden administration and what Janet Yellen in the Treasury seat might mean. (12 minutes)

This is the first time in four years the self-regulatory agency is asking for input on its strategic goals.

Difficulty tracking securities means a harder time for investors to understand their credit risk during the pandemic.