WASHINGTON — The Municipal Securities Rulemaking Board announced Wednesday that it is pushing back the effective date for several amendments to its trade reporting rule to July 18 from May 23 to align them with the date for similar Financial Industry Regulatory Authority requirements.
The MSRB requested the new date in a filing with the Securities and Exchange Commission, saying the revised date was effective upon its filing.
The amendments are being made to MSRB Rule G-14 on trade reporting, which requires dealers to report all executed transactions in most municipal securities to the MSRB's Real-Time Transaction Reporting System. They will require dealers to report new information to RTRS, including whether a trade occurred on an alternative trading system or involved a non-transaction based fee. Also, dealers will no longer have to report the yields for trades with customers, under the amendments.
The original effective date of May 23 would have given dealers and paid subscribers to the MSRB data one year from the date the Securities and Exchange Commission approved the amendments. Several of the FINRA changes were originally designed to also become effective on May 23.
However, FINRA extended its date to July 18 in an SEC filing from late January to provide its members with more time to complete required systems changes to comply with its new TRACE reporting requirements for corporate debt.
The MSRB said in its regulatory release that it believes the one-year implementation timeline was sufficient but decided harmonization with FINRA's timeline "will promote regulatory efficiency and reduce the burden on dealers and subscribers that are making programming changes related to both the MSRB and FINRA rule changes."
