SEC Approves MSRB Reversion to 15-Minute Trade Reporting Standard

The SEC approved an MSRB rule change restoring the 15-minute deadline for reporting municipal securities trades under Rule G-14 ("Reports of Sales or Purchases").

The change rescinds a 2024 amendment to Rule G-14 that never took effect. That amendment would have: (i) cut the reporting window to one minute, (ii) imposed an "as soon as practicable" requirement, (iii) carved out exceptions for manual trades and smaller dealers, (iv) required a manual trade indicator, and (v) made technical clarifications.

The SEC explained that, after the 2024 approval, the MSRB received significant dealer feedback raising concerns about operational feasibility, costs, and reliance on third-party vendors—particularly for smaller firms. The MSRB also reviewed 2024 trade data showing that more than 80% of transactions were already "reported within one minute" under the 15-minute standard. Based on this analysis, the MSRB concluded that the burdens of one-minute reporting outweighed its limited transparency benefits, especially given that the "as soon as practicable" requirement would continue to encourage prompt reporting.

The SEC stated that the revised rule preserves the 15-minute window while retaining the "as soon as practicable" obligation, late-trade designations, and technical clarifications. The SEC said restoring the 15-minute deadline for reporting avoids creating unnecessary compliance burdens.