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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."

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.