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Board of Directors Meeting Discussion Items

Board of Directors Meeting Discussion Items

The Board of Directors of the Municipal Securities Rulemaking Board (MSRB) will meet July 21-22, 2021, in Washington, DC, where it will discuss the following topics:

Annual Planning and Governance
To prepare the organization to advance its mission in the new fiscal year and beyond, the Board will continue its consideration of a long-term strategic plan, adopt its FY 2022 budget and elect new leadership. The Board will announce its FY 2022 chair, vice chair and four new members of the Board following its meeting.

Market Regulation
The Board will consider next steps for several potential rulemakings, including amendments to MSRB rules to apply Regulation Best Interest to bank dealers and a review of changes to quantitative suitability resulting from Regulation Best Interest. The Board will consider the comments received on draft amendments to MSRB Rule G-10 on delivery of disclosures to investors and the comments received on draft MSRB Rule G-46 for solicitor municipal advisors. The Board will discuss the development of compliance resources for dealers and municipal advisors as well as stakeholder feedback on potential modernization of the text of MSRB Rule G-34 on obtaining CUSIP numbers. On each of these topics, the Board may determine to seek public comment or proceed with making a filing with the Securities and Exchange Commission.

The Board will receive an update on the implementation of the Series 54 examination for municipal advisor principals. Municipal advisor principals must take and pass the exam by November 12, 2021.

Technology and Data
The Board continues to monitor efforts to leverage cloud technology to modernize the MSRB’s critical market transparency systems, including the Electronic Municipal Market Access (EMMA®) website. The Board also will preview a new data quality dashboard that is under development and will enhance the MSRB’s data governance and oversight capabilities.

ESG Initiatives in the Municipal Market
The Board will consider seeking public input in a Request for Information about how Environmental, Social and Governance (ESG) considerations are influencing market practices and how the MSRB might approach ESG trends in the context of its mission to protect investors, municipal issuers, and the public interest.