MSRB Highlights 2020 Efforts on Disclosure and Technology
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.
-