News from MSRB’s Second Quarterly Board Meeting of FY2026
MSRB’s Board held its second quarterly meeting of fiscal year 2026 in January. The meeting covered the retrospective rule review, the rule harmonization process, market transparency initiatives, the forthcoming FY 2026-2030 strategic plan, and other topics.
Specifically, the Board discussed:
- Potential further steps in modernizing MSRB’s dealer supervision rule, Rule G-27, following its recent Request for Comment.
- Current and future steps to ease compliance with Form G-32 submission requirements.
- Continued work on the forthcoming new version of the Electronic Municipal Market Access (EMMA®) website.
MSRB Welcomes New Board Member and Chief Financial Officer
In January, MSRB reappointed former Board Chair Bo Daniels to serve on the Board for the remainder of fiscal year 2026. Daniels fills the vacancy created by the departure of Vivian Altman.
MSRB also welcomed a new Chief Financial Officer Yetunde Olumide to oversee all financial operations, including budget development, accounting, financial planning and analysis, enterprise risk management, treasury operations, and financial reporting.
SEC Approves MSRB’s Multi-Year Rate Card
In December 2025, the SEC approved MSRB’s Multi-Year Rate Card for dealers and municipal advisors. The approved rate card replaces the annual rate-setting model and establishes assessment rates through 2029, providing greater predictability and stability for regulated entities. The new approach reflects the important and extensive stakeholder engagement that went into its development and reinforces MSRB’s ongoing commitment to responsible and transparent fiscal stewardship. The new rates of assessment became effective on January 1, 2026, and will remain in effect through December 31, 2029.
MSRB Publishes 2025 Annual Report
MSRB published its 2025 Annual Report and audited financial statements, providing an overview of the organization’s key accomplishments and stakeholder outreach efforts during the year. The report recognizes MSRB’s 50 years of serving its congressional mandate, while highlighting its ongoing efforts to modernize market regulation, enhance market transparency, and engage with stakeholders as it promotes a fair and efficient municipal securities market.
The report also highlights that MSRB will be moving to a new office space in 2027 as part of its ongoing commitment to strong fiscal discipline and responsible expense management. The new office will be smaller, more efficient, and right sized for MSRB’s future needs. By making this move, MSRB will save $6 million over the life of the lease in addition to the 5.2% cost reduction included in MSRB’s FY 2026 budget.
MSRB Hosts Board Alumni Luncheon
MSRB was pleased to host its fourth annual Board Alumni Luncheon in New York City recently, bringing together current and former Board members and senior staff to reconnect and discuss key priorities for MSRB in 2026. MSRB looks forward to continued engagement with our Board alumni in the year ahead.
MSRB Publishes 2025 Municipal Market Year in Review Report, Webinar and Podcast
In January, MSRB released its 2025 Municipal Market Year in Review report, webinar and podcast, which examine key developments in the municipal securities market during an extraordinary year and reveals fundamental shifts in the market as it has become increasingly electronic.
Visit the 2025 Municipal Market Year in Review webpage.
Other recent data and research publications include:
- Municipal Market Facts
- Liquidity Impact of Municipal Bond ETFs on Municipal Securities Market: An Updated Analysis
See all MSRB data and research publications.
More MSRB News and Information
- MSRB, FINRA and the SEC hosted a Joint Compliance Outreach Program for municipal advisors and municipal dealers in January, providing municipal market participants an opportunity to directly hear from SEC, MSRB, and FINRA staff on timely regulatory and compliance matters affecting municipal advisors and dealers.
- MSRB announced the members of its 2026 Compliance Advisory Group (CAG) and Technology Advisory Group (TAG). Read more.
- See more news about how MSRB is protecting investors, issuers and the public interest on our Press Releases page.
- Visit MSRB.org Regulation and Compliance page to stay up-to-date with the latest requests for comment, rule approval notices and market advisories, as well as MSRB’s Compliance Resources.
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