MSRB reviews regulatory, technology initiatives at final FY2026 board meeting
Ahead of the close of its 2026 fiscal year, the Municipal Securities Rulemaking Board is reviewing rulemaking and technology priorities at its final board meeting. The discussion covers amendments tied to financial advisory terminology, the U.S. Securities and Exchange Commission's proposal to rescind Advisers Act Rule 206(4)-5, and plans for EMMA and market transparency systems.
Highlights
- MSRB board meets via video conference on September 17, 2026 to discuss strategic direction, rule review, and regulatory modernization efforts.
- The board reviews comments on draft rule amendments to retire financial advisory terminology and receives updates on the SEC's proposal to rescind Advisers Act Rule 206(4)-5.
- MSRB staff provides updates on upgrades to market transparency systems and development plans for the EMMA platform, as the board prepares for leadership transition on September 30, 2026.
Regulatory agenda and system modernization
As reported by Municipal Securities Rulemaking Board, the board meets by video conference on September 17, 2026 for its final meeting of FY2026, where it discusses strategic and regulatory matters and receives staff updates on retrospective rule review and modernization work.The board also reviews comments received on draft amendments that would retire financial advisory terminology from the MSRB rulebook. In addition, staff briefs the board on the U.S. Securities and Exchange Commission's recent proposal to rescind Advisers Act Rule 206(4)-5.
Technology remains a parallel focus at the meeting, with staff providing updates on the upgrade of the MSRB's market transparency systems and on development and deployment plans for the EMMA platform.
Leadership transition and market significance
The meeting also comes as the MSRB prepares for a board transition at the end of the month. Terms conclude on September 30, 2026 for Board Chair Natasha Holiday, Vice Chair Wendell Gaertner, David Belton, Warren "Bo" Daniels and Horatio Porter.MSRB CEO Mark Kim says the departing board members have strengthened both the organization and the municipal market through their public service. The transition closes FY2026 while the board continues work on regulatory review and infrastructure modernization for the municipal securities sector.
Our earlier report on the Federal Reserve’s planned overhaul of bank stress tests explained how the central bank aims to make the annual exams more transparent and less volatile for large U.S. lenders. It highlighted proposed disclosures around models and scenarios, plus a plan to average two recent results when setting each bank’s stress capital buffer, while also allowing public comment on testing models.
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