The MSRB set a comment deadline of February 16, 2024 on a proposal to shorten the time allowed for post-trade reporting for Municipal Securities. The MSRB proposal was published in the Federal Register.
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The MSRB proposed rule amendments to shorten the time allowed for post-trade reporting to within one minute; separately, FINRA proposed rule amendments to reduce the 15-minute TRACE reporting timeframe to one minute, with exceptions for de minimis reporting activity and for manual trades.
In a report titled "Issuer Considerations for Distributing Bonds: Establishing Priority of Orders," the MSRB offered an overview of how the prioritization of orders is determined and documented, and emphasized that "[i]ssuers are free to structure the priority of orders in any manner they see fit in light of their goals and objectives for the offering."
In its quarterly Board of Directors meeting, the MSRB voted to approve rule amendments to shorten the time allowed for post-trade reporting.
The MSRB proposed to (i) amend its time of trade disclosure rule and related interpretive guidance and (ii) provide that SEC-registered investment advisers would no longer be required to make certain affirmations to qualify for Sophisticated Municipal Market Professional status.