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WASHINGTON – The American Securities Association (ASA) today sent a letter to the Municipal Securities Rulemaking Board (MSRB) raising questions regarding the Board’s recent discussion of a concept release related to pre-trade pricing in the municipal securities market.
“ASA respectfully requests that, prior to issuing any concept release pre-trade pricing, the Board make public the minutes and key points from all previous MSRB Board discussions when this issue was discussed and rejected over the last 14 years,” said ASA President and CEO Chris Iacovella. “This type of public transparency is necessary to allow the industry to comprehend the MSRB’s past deliberations, the reasons for the MSRB’s initial rejection, and what has changed to warrant revisiting this topic now, other than pressure from a partisan SEC Chairman ahead of a presidential election.”
In the letter, ASA raised the following questions:
What were the reasons the MSRB Board made the decision not to pursue the initiative in 2013?
What are the primary regulatory or market efficiency goals driving this new data collection effort, and how do they align with previous recommendations from bodies like the SEC and FIMSAC?
How does the MSRB envision the collected data potentially being used in the future to benefit market participants, particularly individual investors?
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The American Securities Association (ASA) represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.
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