MSRB Meets; Discusses Campaign Contributions and Coordination with the SEC

The Board of Directors of the Municipal Securities Rulemaking Board ("MSRB") held its quarterly meeting from October 24 to 26, in which it advanced a proposal to increase disclosure of contributions by municipal securities dealers and municipal finance professionals to bond ballot campaigns, and further refined a number of investor protection initiatives. The MSRB stated that many market stakeholders would like to see the MSRB restrict bond ballot contributions by dealers in order to improve integrity of the municipal market. The decision to require disclosure of additional information is an important step in determining whether such a ban is merited.

The Board also reported that it had met with SEC Chairman Mary Schapiro and the SEC’s Office of Municipal Securities Director John Cross to discuss top issues facing the municipal securities market, including regulation of municipal advisors and the SEC’s recent report on the municipal market.

Click here to view notice in full (links externally to MSRB website). Related news items: Story on SEC Munis Market Report; Story on SEC Commissioner Walter's recent munis market speech.