The Board of Directors of the Municipal Securities Rulemaking Board (MSRB) met April 22-23, 2015 where it discussed the following rulemaking topics:
Pre-Trade Information
The Board received an update from staff on the potential addition of pre-trade information to the Electronic Municipal Market Access (EMMA®) website and supports staff’s plan to review data voluntarily provided by market participants as part of its continued analysis.
Best Execution Interpretive Guidance
The Board directed staff to continue developing interpretive guidance for municipal securities dealers for MSRB Rule G-18, on best execution, which is effective December 7, 2015.
Pricing Reference Information
The Board discussed comment letters received on its proposal to require dealers to provide pricing reference information on retail customer confirmations and agreed to continue evaluating the proposal in coordination with the Financial Industry Regulatory Authority.