MSRB Stays Put on 15-Min Muni Bond Reporting
Published Date: 9/19/2025
Notice
Summary
The Municipal Securities Rulemaking Board (MSRB) is keeping the current 15-minute rule for brokers and dealers to report municipal bond trades, instead of shortening it. They’re also removing some exceptions and updating related rules to keep things clear and consistent. This means no rushed reporting changes for now, helping everyone stay on the same page without extra costs or confusion.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Keep 15-Minute Trade Reporting
If you are a broker-dealer or municipal securities dealer, the MSRB and SEC approved reverting the reporting deadline back to 15 minutes instead of the previously approved one-minute timeframe. The Commission order approving this reversion was issued September 16, 2025 and maintains the currently-operative 15-minute RTRS reporting standard.
Remove Manual-Trade Indicator and Exceptions
The MSRB eliminated two reporting exceptions and a manual trade indicator that were tied to the shortened one-minute reporting timeframes. If you would have needed to implement that new manual trade indicator or rely on the new exceptions, you will not be required to do so under this approved change.
Retain 'As Soon As Practicable' Rule
The MSRB retained the 2024-Amendments requirement that trades with a Time of Trade during the RTRS Business Day must be reported "as soon as practicable." That requirement remains in effect even though the baseline reporting deadline reverted to 15 minutes, and is intended to encourage faster reporting.
Conforming Change to Rule G-12 Timing
The MSRB made a related conforming amendment to Rule G-12 to reflect the reversion from one minute to 15 minutes for the timing of submission of trades to be compared. This aligns Rule G-12 timing with the maintained 15-minute G-14 reporting standard.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in