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MSRB approves plan for more disclosure on auction and variable-rate bonds
By Cristal Cody
Springdale, Ark., July 18 - The Municipal Securities Rulemaking Board approved a plan to improve transparency of auction-rate and variable-rate demand bonds in a three-day quarterly meeting that ended Friday.
The board also evaluated expansion of its electronic database for retail investors, clarified requirements for municipal bond dealers and elected new board members.
To improve access to municipal market data, the board approved a plan to develop a system to collect and disseminate critical market information, including interest rate data on auction and variable-rate securities.
The board expects to implement the first phase of the system in the first quarter of 2009.
The board also reviewed the operation and expansion of the Electronic Municipal Market Access system that was created by the MSRB in March. The system provides free public access to real-time trade data and primary market data.
The next phase of the system will add an all-electronic system for disseminating official statements and a third phase would accept and disseminate secondary market information.
The board also voted to prohibit two individuals from the same broker-dealer or bank from serving on the board simultaneously and to limit representation of a single firm to no more than six consecutive years.
During the meeting, the board elected a new chair and vice-chair and five new board members as it does at every July board meeting. New members will start Oct. 1.
The board also reported that it hired staff members Jennifer Galloway, chief communication officer, and Marcelo Vieira, director of research, in new positions created to increase communication and develop market information products.
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