The Board of Directors of the MSRB (the "Board") elected new leadership, adopted a $42 million budget and highlighted regulatory initiatives for the fiscal year beginning on October 1, 2019.
The Board detailed the following market transparency and regulatory initiatives:
- the continued development of the MSRB's Electronic Municipal Market Access ("EMMA") system, including new features that would highlight the timing of market participants' annual financial disclosures;
- the publication of an interpretive guide to address concerns about compliance with priority of order provisions under MSRB Rule G-11 and fair dealing obligations under Rule G-17;
- a proposed rule change to MSRB Rule G-34 to eliminate the requirement for dealers and non-dealer municipal advisors to apply for CUSIP numbers in a competitive transaction on which they advise; and
- the establishment of several priority areas for the MSRB's ongoing retrospective rule review.
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