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MSRB Update: Winter 2023

2022 In Review


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At the start of 2023, the MSRB released two publications reflecting on the prior year. The MSRB's 2022 Year-in-Review report provides a detailed data analysis revealing significant changes in the municipal bond market compared to 2021 and prior years. The MSRB also published the organization's annual report and audited financial statements for fiscal year 2022.

The 2022 Year-in-Review report shows a dramatic increase in annual trading volume in municipal bonds, a significant decrease in new issuance volume, and record outflows from municipal bond mutual funds.

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The 2022 Annual Report highlights progress on the goals outlined in the MSRB’s four-year Strategic Plan and demonstrates how the MSRB works to uphold the public’s trust in the $4 trillion municipal securities market.

Latest News from the Board

The MSRB Board met on January 25-26 for its second quarterly Board of Directors meeting of Fiscal Year 2023, where it discussed regulatory initiatives to improve municipal market transparency and other initiatives to advance its strategic goals.

Among other agenda topics, the Board:

  • Reviewed the various perspectives raised by market participants in response to the MSRB’s request for comment on its proposed amendments to MSRB Rule G-14 to shorten the timeframe for trades to be reported;
  • Discussed the forthcoming publication of a previously authorized request for comment on proposed amendments to MSRB Rule G-47, on time-of-trade disclosures to customers; and
  • Received an update on the final roundtable in a series of roundtable discussions with minority-, women- and veteran-owned firms hosted in collaboration with FINRA.

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

MSRB Board Application Deadline is Monday

The Board will elect two public and two regulated representatives for four-year terms beginning on October 1. For the two public member positions, the Board is interested in including an investor in municipal securities, either institutional or retail. The Board is also interested in individuals with compliance, technology and data proficiency experience. All applicants must be knowledgeable of matters related to the municipal securities market.

Additional details on the Board application process and selection process are available on the MSRB's website.

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

Do you follow the MSRB on our social media channels? Keep up with news updates, trivia and additional engaging content through our LinkedIn and Twitter accounts.