In a 2020 Annual Report, the MSRB highlighted its responses to COVID-19, and its initiatives on disclosure, data transparency and Regulation Best Interest (or "Reg. BI").

The MSRB described:

  • the completed cloud migration of MSRB transparency systems;
  • two active Electronic Municipal Market Access ("EMMA") Labs: a keyword search engine for disclosure documents submitted to EMMA as unstructured PDFs, and a market data analysis dashboard to monitor market trends and patterns;
  • the extension of the compliance date to March 31, 2021 for the amended guidance to streamline disclosure by underwriters under MSRB Rule G-17 ("Conduct of Municipal Securities and Municipal Advisory Activities") (see coverage here);
  • the harmonization of MSRB rules with Regulation Best Interest (see coverage here); and
  • temporary regulatory relief due to the COVID-19 pandemic, including:
    • an extension of time for completing certain supervisory functions, as well as professional qualification and continuing education requirements; and
    • assisting with the creation and implementation of the Federal Reserve's Municipal Liquidity Facility.

Primary Sources

  1. MSRB Press Release: MSRB Publishes 2020 Annual Report and Audited Financial Statements
  2. MSRB Report: 2020 Annual Report

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