S2:E2 | What's New at the MSRB? | Compliance In Context

Welcome back to The Securities Compliance Podcast! Today’s show is going to be a great one.  In the Headlines section, we’ll review recent recommendations from multiple SEC Commissioners on how to improve access to private capital.  For our interview segment, we have the distinct pleasure of speaking with Mark Kim, CEO of the Municipal Securities Rulemaking Board about the exciting developments happening at the MSRB, particularly on the technology and data side of the industry.  Finally, we’ll wrap up today’s show with another edition of Outtakes where we look at a Ponzi scheme and related emergency enforcement that unfortunately for the investors involved, wasn’t something that could only be made in Hollywood.

Headlines

• SEC Commissioners weigh in on how certain underrepresented founders and investors can get access to capital
• Commissioner Lee suggested the SEC evaluate how its regulations impact such communities
• Commissioner Peirce recommended that the SEC provide greater flexibility to the accredited investor definition and individuals serving as “finders”

Interview

• The mission of the Municipal Securities Rulemaking Board.
• The pillars upholding the MSRB.
• Providing infrastructure to MSRB
• The business case for cloud migration
• Data privacy and information security
• Transition away from LIBOR and related challenges
• ESG in the municipal securities market

Outtakes

• SEC issued emergency enforcement action against an alleged Ponzi scheme straight out of Hollywood

Quotes:

“But that's not the only thing that Congress mandated us to do. Reading the Exchange Act, Congress also mandated the MSRB to establish information systems that promote a fair and efficient market, that facilitate capital formation. And those information systems, is what I mean by our core pillar of technology. It's the technology systems that undergird the market.”

“Technology is fundamentally intertwined with compliance.”

Resources:

Compliance in Context