MSRB

The Municipal Securities Rulemaking Board Thursday announced the members of its 2025 advisory groups.

"It is the first step but that doesn't mean there's a second step," said John Bagley, the MSRB's chief market structure officer.

It's hard enough convincing local governments to spend money on cyber insurance that covers ransomware attacks, said Omid Rahmani, public finance cybersecurity lead at Fitch Ratings. The new and very specific threat of a hacked financing process, is "absolutely" underappreciated by the public finance industry.

The MSRB is looking for industry input regarding proposed rules changes for Rules G-17, G-32 and G-47.

The Proposed Joint Rules leave many questions unanswered regarding the FDTA's ultimate impact on the municipal securities industry.

Panelists at the SEC, FINRA and MSRB joint Compliance Outreach Program looked at the state of municipal advisor regulation and how the Commission could respond going forward.

Drexel Hamilton and four of its representatives were charged by the Financial Industry Regulatory Authority for violating the retail order period eligibility criteria set by municipalities.

The board is seeking one municipal advisor, one broker-dealer and two public representatives to join the board for FY 2026.

The board has launched the new Technology Advisory Group and relaunched the Compliance Advisory Group and is seeking volunteers for both.

The board has put out fourteen questions on its fee setting process and will be accepting responses until January 31.