In a 2020 Annual Report, the MSRB highlighted its responses to COVID-19, and its initiatives on disclosure, data transparency and Regulation Best Interest (or "Reg. BI").
The MSRB described:
- the completed cloud migration of MSRB transparency systems;
- two active Electronic Municipal Market Access ("EMMA") Labs: a keyword search engine for disclosure documents submitted to EMMA as unstructured PDFs, and a market data analysis dashboard to monitor market trends and patterns;
- the extension of the compliance date to March 31, 2021 for the amended guidance to streamline disclosure by underwriters under MSRB Rule G-17 ("Conduct of Municipal Securities and Municipal Advisory Activities") (see coverage here);
- the harmonization of MSRB rules with Regulation Best Interest (see coverage here); and
- temporary regulatory relief due to the COVID-19 pandemic,
including:
- an extension of time for completing certain supervisory functions, as well as professional qualification and continuing education requirements; and
- assisting with the creation and implementation of the Federal Reserve's Municipal Liquidity Facility.
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