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Aleis Stokes, Chief External Relations Officer
202-838-1500
astokes@msrb.org

MSRB ANNOUNCES AGENDA TOPICS FOR QUARTERLY BOARD MEETING

Washington, DC – The Board of Directors of the Municipal Securities Rulemaking Board (MSRB) will meet on April 23-24, 2025, to hold the third quarterly meeting of fiscal year 2025.

Highlights of the Board discussion will include:

Market Regulation
The Board will discuss several regulatory initiatives and receive updates on MSRB’s ongoing retrospective rule reviews, including:

  • Rate Card Request for Information (RFI): Reviewing public comments and stakeholder feedback on the rate card.
  • Municipal Fund Securities (MFS): Evaluating comments received from market participants on a concept release regarding modernization of MFS disclosure.
  • Market Infrastructure Rules: Assessing MSRB rules that may be impacted by market innovations that could challenge traditional market structure and practices.


Market Transparency
The Board will receive an update on the modernization of the Electronic Municipal Market Access (EMMA) website, including feedback from the first round of beta testing by industry stakeholders about the value of EMMA’s enhancements for investors and other market participants.

Additionally, the Board will receive an update on recent municipal market activity, current MSRB research and the ongoing policy discussions surrounding the tax-exemption of municipal bonds.

The Municipal Securities Rulemaking Board (MSRB) was established by Congress in 1975 with the mission to protect investors, issuers and the public interest and to promote efficiency, competition and capital formation. MSRB is a private, self-regulatory organization governed by an independent board of directors with market knowledge and expertise. MSRB does not receive federal appropriations and is funded primarily through fees paid by regulated entities. MSRB is overseen by Congress and the Securities and Exchange Commission.

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