SECURITIES AND EXCHANGE COMMISSION

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-103516; File No. SR-MSRB-2025-01]

Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of

Designation of a Longer Period for Commission Action on a Proposed Rule Change to

Amend Rule G-14 RTRS Procedures under MSRB Rule G-14 Regarding the Timing of

Reporting Transactions in Municipal Securities to the MSRB and to Make a Related

Amendment to Rule G-12

July 22, 2025.

On June 10, 2025, the Municipal Securities Rulemaking Board (“MSRB” or “Board”)

filed with the Securities and Exchange Commission (“SEC” or “Commission”), pursuant to

Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act” or “Exchange Act”) 1 and Rule

19b-4 thereunder, 2 a proposed rule change to (i) amend Rule G-14 RTRS Procedures under

MSRB Rule G-14, on reports of sales or purchases, to rescind a previously approved but not yet

effective shortening of the amount of time within which brokers, dealers and municipal securities

dealers (“dealers”) must report most transactions to the MSRB, reverting such timeframe to the

currently effective 15-minute reporting timeframe, (ii) amend the Rule G-14 RTRS Procedures

to eliminate two previously approved but not yet effective reporting exceptions and a manual

trade indicator relating to the rescinded shortened timeframes, and (iii) make a related

conforming amendment to MSRB Rule G-12, on uniform practice (“Rule G-12”), as described

1

15 U.S.C. 78s(b)(1).

2

17 CFR 240.19b-4.

herein (the “proposed rule change”). 3 The proposed rule change was published for comment in

the Federal Register on June 20, 2025. 4

Section 19(b)(2) of the Act 5 provides that, within 45 days of the publication of notice of

the filing of a proposed rule change, or within such longer period up to 90 days as the

Commission may designate if it finds such longer period to be appropriate and publishes its

reasons for so finding or as to which the self-regulatory organization consents, the Commission

shall either approve the proposed rule change, disapprove the proposed rule change, disapprove

the proposed rule change, or institute proceedings to determine whether the proposed rule change

should be disapproved. The 45th day after publication of the notice for this proposed rule

change is August 4, 2025. The Commission is extending this 45-day time period.

The Commission finds it appropriate to designate a longer period within which to take

action on the proposed rule change, the issues raised therein, and the comments received.

3

See Securities Exchange Act Release No. 34-103262 (June 16, 2025), 90 FR 26390 (June

20, 2025) (“Notice”). Comments on the proposed rule change are available at

https://www.sec.gov/comments/sr-msrb-2025-01/srmsrb202501.htm.

4

Notice, 90 FR at 26390.

5

15 U.S.C. 78s(b)(2).

2

Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, 6 designates

September 18, 2025, as the date by which the Commission shall either approve or disapprove, or

institute proceedings to determine whether to disapprove, the proposed rule change (File No. SRMSRB-2025-01).

For the Commission, pursuant to delegated authority. 7

Sherry R. Haywood,

Assistant Secretary.

6

Id.

7

17 CFR 200.30-3(a)(12).

3