MSRB Announces Board Meeting Topics
Current Market Topics and Election of New Members on the Agenda
Section: Washington Update

The Board of Directors of the Municipal Securities Rulemaking Board will meet July 27-28 in Washington, D.C. to discuss current market topics and elect new members and officers. Among other things, the board will discuss the following rulemaking and policy topics as part of its agenda:
Mark-Up Disclosure and Prevailing Market Price Guidance: Comments received on its proposed regulatory guidance on how municipal securities dealers price bonds and calculate their compensation, and discuss modifications to its rule proposal to require municipal securities dealers to disclose on retail customer confirmations the amount of the mark-up in a class of principal transactions.

Bank Loan Disclosure: Comments received on its concept release about a potential approach to enhance investor and public access to information about the direct purchase and bank loan transactions of municipal securities issuers.

ABLE Programs: Proposed interpretations of MSRB Rule G-42, on duties of non-solicitor municipal advisors, and Rule G-44, on supervisory and compliance obligations of municipal advisors, with respect to their application to municipal advisors to sponsors or trustees of ABLE programs. The Board also will discuss submission by underwriters of information about ABLE programs under MSRB Rule G-45 on reporting of information on municipal fund securities.

Market Transparency: An update to its 2012 Long-Range Plan for Market Transparency Products as well as the potential addition of third-party market indicators to the MSRB’s Electronic Municipal Market Access website and the possible associated benefits for investors and issuers.