Aleis Stokes, Chief External Relations Officer
202-838-1500
astokes@msrb.org
MSRB SEEKS COMMENT ON DRAFT AMENDMENTS TO MODERNIZE DEALER DISCLOSURE OBLIGATIONS FOR MUNICIPAL FUND SECURITIES
Washington, D.C. – The Municipal Securities Rulemaking Board (MSRB) today published a request for comment (RFC) regarding draft amendments to MSRB Rule G-32, on disclosures in connection with primary offerings. The draft amendments modernize dealers’ disclosure obligations for municipal fund securities offerings, including state-sponsored 529 savings plans, ABLE programs, and local government investment pools. These amendments also advance MSRB’s objective of modernizing municipal fund securities regulation as outlined in its FY2026-2030 strategic plan.
In the draft amendments, the current requirement for physical delivery by dealers of disclosure documents in connection with the offering of municipal fund securities is replaced with an electronic access standard. The amendments would extend to municipal fund securities the current standard for access to official statements for municipal debt securities through the MSRB’s Electronic Municipal Market Access (EMMA®) website.
“Updating and harmonizing the delivery method of disclosure documents for municipal fund securities with MSRB’s current access equals delivery standard for bonds and other municipal debt securities aligns with our goal of ensuring MSRB rules are consistent with the evolution of the market and current practices,” MSRB Chief Regulatory and Policy Officer Ernesto Lanza said. “We look forward to receiving stakeholder comments, which will inform our proposal and next steps in modernizing this important segment of the municipal securities market.”
Comments should be submitted no later than December 14, 2026.
