On July 26th, the Board of Directors of the Municipal Securities Rulemaking Board (MSRB) convened the final quarterly meeting of fiscal year 2024 on July 24-25, 2024. At this meeting, the Board approved the fiscal year 2025 budget, held fiscal year 2025 officer elections, and discussed priorities to advance its 2022-2025 Strategic Plan.
Fiscal Year 2025 Budget
The Board approved a $48.8 million budget to fund the activities of the MSRB for FY 2025, which begins October 1, 2024. This is a 2.9% increase over the previous outline the Board’s projected expenses, revenues and reserve levels.
Board Leadership for FY 2025
The Board held FY 2025 officer elections and filled vacancies on the Board with the following appointments:
- Warren “Bo” Daniels, Managing Director and Head of Public Finance of Loop Capital Markets, to serve as FY 2025 Chair of the Board
- Jennie Bennett, Associate Vice President for Finance, University of Chicago, will serve as FY 2025 Vice Chair
Current one-year terms conclude on September 30, 2024, and new terms begin on October 1, 2024, the start of FY 2025.
2022-2025 Strategic Priorities
The Board provided an overview of the following initiatives regarding market regulation, transparency and structure:
- the Board authorized staff to develop a Request for Information to solicit feedback and perspectives on various topics to shape the MSRB’s fee structure
- Rule G-27: the Board discussed broker/dealer and municipal advisor supervisory obligations in the post-pandemic workplace environment
- Rule G-12(c): the Board approved codifying certain interpretive guidance pertaining to inter-dealer trade confirmations into the rule and consolidating remaining guidance into FAQs
- Rule D-15: the Board discussed potential modifications to the definition and threshold for determining what is a sophisticated municipal market professional (SMMP)
- the Board authorized the publication of a concept release regarding the collection of pre-trade municipal market data following additional stakeholder outreach to inform its development
- the Board received an update on the modernization of the Electronic Municipal Market Access (EMMA) website and related market transparency systems
The main objective of the MSRB is to fund the future of regulation for the municipal securities market and to demonstrate budget transparency and accountability.
Source:
MSRB Approves FY 2025 Budget, Elects Board Leadership and Advances Strategic Priorities at Quarterly Board Meeting (msrb.org)
