SIFMA Supports MSRB Efforts To Increase Disclosure And Transparency

The Securities Industry and Financial Markets Association (SIFMA) today issued the following statement from Leslie Norwood, managing director and associate general counsel at SIFMA, on the Municipal Securities Rulemaking Board’s announcements following its quarterly Board meeting:

“The Securities Industry and Financial Markets Association applauds the Municipal Securities Rulemaking Board for its ongoing progress on efforts to increase transparency on auction rate securities and variable rate demand obligations. The ability to access increased data on these securities is extremely useful for market participants, especially in the current period of market dislocation. SIFMA also notes its continued support for MSRB’s development of an internet-based pilot portal that will provide public access to secondary market disclosures, as this effort will improve market efficiency and facilitate comprehensive disclosure of both primary and secondary documents in the municipal securities markets. Finally, we commend the MSRB for addressing Rule G-15 to allow for certain electronic confirms in light of recent changes to Securities and Exchange Commission Rule 10b-10.”