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MSRB Update: Fall 2022

A Faster, Friendlier

In September, the MSRB launched a redesigned website to make municipal market rules, research and resources easier and more intuitive to find and to better tell the MSRB’s story.

The updates are based on feedback from users, including dealers, municipal advisors, issuers and investors. The changes make the site more intuitive for new visitors seeking to learn more about the principal regulator for the $4 trillion municipal securities market and more efficient for frequent website users.

Key enhancements include:

  • User-friendly Design: Simplified navigation, a more modern look and feel, and improved accessibility features enable both returning and new visitors to quickly find the information they need.
  • Consolidating Related Content: New dynamic pages allow users to find all related information about an MSRB rule and keep up with each step in the rulemaking process. Users can more easily locate MSRB research papers and data sets by topic.
  • More Powerful Search: Enhanced search capabilities allow users to search across both webpages and PDF content and to filter their results to more quickly find what they are looking for.

The new compliments the ongoing work to modernize the Electronic Municipal Market Access (EMMA®) website.

MSRB Reports Record Number of Trades in 2022

On October 26, the Wall Street Journal quoted MSRB Chief Economist Simon Wu and cited findings in his research paper, “Primary Offerings of Municipal Securities: Impact of COVID-19 Crisis on Competitive and Negotiated Offerings,” which analyzes the impact of the COVID-19 crisis on the municipal securities market’s primary offerings.

News from the Board

Last month, the MSRB met for its first quarterly Board of Directors meeting of Fiscal Year 2023, where it approved a number of rulemaking initiatives and discussed other efforts to advance the four pillars of the self-regulatory organization’s long-term strategic plan.

The Board discussed the status of its ongoing retrospective rule review and rule modernization efforts, including public comments received in response to the MSRB’s proposal to amend MSRB Rule G-14 to require that transactions be reported to the MSRB as soon as practicable, but no later than within one minute of the time of trade. The Board also received an update regarding a potential pre-trade data collection initiative for the municipal securities market.

In addition, the Board authorized a request for comment on a proposal to amend Rule G-3, on professional qualifications, to add an exemption that would extend the time a municipal advisor representative can be disassociated from a municipal advisor firm before having to requalify by examination from two years to three years. The exemption would replace the waiver provision under the rule.

Read the press release for further detail and to learn other highlights from the meeting.

Rules and Guidance Roundup

Visit the Regulation and Compliance page of to stay up-to-date with the latest requests for comment, proposed rule changes, rule approval notices and market advisories.

Compliance Resources

Visit the online Regulatory Documents library for resources and information to help regulated entities understand and comply with MSRB rules.

Recent Press Releases

Read the MSRB’s latest press releases on

Follow the MSRB on Social Media

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