MSRB and FINRA Proposals on Disclosure of Pricing Reference Information for Fixed Income Securities

By David E. Franasiak, Joel G. Oswald and Rebecca L. Konst

On November 17, 2014 the Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB) released companion proposals to “require disclosure of pricing reference information on customer confirmations for transactions in fixed income securities.” The MSRB proposal covers municipal bonds and the FINRA proposal covers fixed income securities in general. FINRA and the MSRB are taking a coordinated approach to this rulemaking and their proposals are substantially similar though apply to their different portions of the market.    

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