At their quarterly meeting, the MSRB Board of Directors approved an operating plan and budget and considered several proposals related to improved transparency in the municipal bond market. The Board:
- voted to file a proposal requiring municipal securities dealers to disclose the amount of the mark-up on certain same-day principal transactions on retail customers' confirmations;
- examined comments received on a concept release to improve direct purchase and bank loan disclosures to investors by municipal securities issuers (the Board determined that it "will not pursue rulemaking at this time");
- determined that it will file amendments to MSRB Rules G-8 and G-9 on recordkeeping and retention, and to MSRB Rule G-10 on delivery of the investor brochure with the SEC;
- determined that it will extend, as relevant, to municipal advisors the existing guidance for dealers under MSRB Rule G-32 regarding the use of electronic media;
- determined that it will file an amendment to MSRB Rule G-34 which details when underwriters and financial advisors must apply for the assignment of a CUSIP number for a new issue of municipal securities; and
- considered the potential addition of third-party market indicators, including yield curves, to the MSRB's Electronic Municipal Market Access (EMMA®) website concluding that the associated benefits for investors and issuers warrants the addition of the third party indicators.
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