Regulatory Update from the Board

On Thursday, June 9, 2022, the Board of Directors of the Municipal Securities Rulemaking Board (MSRB) met via video conference, where they advanced the following regulatory initiatives.

• The Board authorized seeking approval from the Securities and Exchange Commission (SEC) of proposed new Rule G-46 that would establish and codify certain the core standards of conduct and duties of “solicitor municipal advisors” under MSRB Rule G-17. The Board first sought comment on a draft new rule in March 2021 and for a second time in December 2021.
• The Board also authorized seeking SEC approval to remove language in Rule G-3 specific to temporary COVID-related relief. MSRB actions to provide temporary regulatory relief, data and information to support market participants during the pandemic are available on the MSRB’s dedicated COVID-19 information page.
• Finally, the Board directed staff to publish a request for comment on a proposal to amend MSRB Rule G-32 to clarify and streamline the timeframe for underwriters to submit Form G-32 to provide primary market information for display on the EMMA website.

As previously announced, the Board plans to seek public comment on modernizing its rules on dealer supervision and trade reporting in the coming months.

A schedule of quarterly Board meetings and video conferences, as well as summaries of past quarterly meetings, can be found on the MSRB website here.