The Board of Directors of the Municipal Securities Rulemaking Board (MSRB) will meet July 29-30, 2015 where in addition to addressing corporate issues and electing new members and officers, the Board will discuss the following rulemaking topics:
Best Execution Guidance
The Board will review draft guidance for municipal securities dealers regarding MSRB Rule G-18, on best execution, which is effective December 7, 2015.
Confirmation Disclosure
The Board will discuss next steps on its proposal to require dealers to provide disclosure of pricing reference information on retail customer confirmations.
Investor Representation on the Board
The Board will discuss comment letters received on its proposal to modify the application of the standard of independence under MSRB Rule A-3 for the one public member of its Board of Directors designated to be representative of institutional or retail investors in municipal securities.
Uniform Practice Rule Review
The Board will discuss a request for comment on proposed changes to MSRB Rule G-12, on uniform practice, as part of the MSRB’s regulatory efficiency initiative.
Delivery of Investor Brochure
The Board will consider changes to MSRB Rule G-10, on the delivery of the investor brochure and the customer complaint process, as part of the MSRB’s regulatory efficiency initiative.
Holistic Fee Review
The Board will discuss the findings of a holistic review of all fees on regulated entities and consider possible changes to MSRB Rules A-12 and A-13.
Trade Settlement Cycle
The Board will discuss the securities industry initiative to shift to a T+2 settlement cycle from the current T+3.
This list is subject to change without notice. A summary of actions taken by the Board at the meeting will be sent to regulated entities and published on the MSRB’s website following the meeting.