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At its quarterly Board of Directors meeting, the MSRB voted to propose amending MSRB Rule G-27 ("Supervision") to allow dealer firms to conduct office inspections remotely until December 31, 2022.
In addition, the MSRB:
- determined that it will seek SEC approval of a proposal to change the MSRB's approach to fee revenue;
- previewed a new user interface for the Electronic Municipal Market Access (EMMA®) website; and
- reviewed market structure topics, including the MSRB's work to evaluate market feedback and data to understand the prevalence of "pennying" in the municipal market (i.e., where dealers review all bids or offers for a customer's securities, and then, on the basis of having a last look, trade with the customer at a penny better price than otherwise is available in the market).
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