Regulatory Update from the MSRB

On Monday, March 13, 2023, the Board of Directors of the Municipal Securities Rulemaking Board (MSRB) met via video conference, where they advanced the following regulatory initiatives:

•  File with the SEC proposed amendments to MSRB Rule G-12, on uniform practice, and Rule G-15 on confirmation, clearance, settlement and other uniform practice requirements with respect to transactions with customers, to define regular-way settlement for municipal securities transactions as occurring one business day after the trade date (T+1) in support of an industry-wide effort to shorten the settlement cycle for securities transactions.

•  Move forward with draft amendments to MSRB Rule G-32, on disclosures in connection with primary offerings, to streamline the timeline for underwriters to submit information on Form G-32, as well as clarify the rule text to improve its overall readability. The Board sought comment on the draft amendments to the rule in November 2022.

•  Extend existing temporary regulatory relief on remote office inspections, under Rule G-27 on dealer supervision, to dealers as they implement their long-term hybrid work arrangements reflective of the evolving operational and business models resulting from the sustained coronavirus disease.

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.