MSRB ANNOUNCES AGENDA TOPICS FOR QUARTERLY BOARD MEETING

Washington, DC – The Board of Directors of the Municipal Securities Rulemaking Board (MSRB) will meet on July 23-24, 2025, to hold the fourth and final quarterly meeting of fiscal year 2025. The Board will vote to approve MSRB’s proposed FY 2026 budget and the filing of an amended Rate Card with the SEC for calendar years 2026-2029. The Board will also hold FY 2026 officer elections for MSRB Board Chair and Vice Chair and elect four new Board members.

Additional 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: 

• Rule G-27 Request for Comment: Consider publishing a request for comment on draft amendments to provide more flexibility in connection with dealer supervision requirements.
• Retirement of Financial Advisor Terminology: Consider publishing a request for comment on draft amendments to replace use of the term “financial advisor” in MSRB rules to “municipal advisor.”
• Open Contractual Commitments: Discuss industry efforts in connection with communications to facilitate removal of open contractual commitment charges for syndicate members. 
   

Market Transparency and Market Structure

The Board will address initiatives designed to facilitate an effective, well-functioning market, including: 

• The modernization of the Electronic Municipal Market Access (EMMA) website and related market transparency systems.
• An update on recent municipal market activity and current MSRB research.