On November 10, 2016, BDA submitted a comment letter to the MSRB on its request for comment on its long-term priorities and initiatives related to its core activities and goals to promote a fair and efficient municipal market. You can view MSRB’s request for comment here.
MSRB requested feedback from market stakeholders on areas where it should focus its strategic priorities and how it should prioritize its core activities. BDA’s letter recommends that MSRB:
- After many years of significant regulatory change, focus on ways to improve the municipal securities market that do not involve sweeping and burdensome new rules
- Enhance EMMA to allow for users to search by issuer and not be a primarily CUSIP-based system
- Harmonize the requirements of Rule G-15 with the recently adopted changes to SEC Rule 10b-10
- Conduct a study to consider how the cumulative regulatory changes over the past five years have resulted in increased costs, burdens, and inefficiencies, and suggest changes it would recommend as a result of the study
- Increase issuer education efforts
- Encourage the voluntary filing of bank loan information by recognizing and mitigating disclosure liability concerns