Glossary of Municipal Securities Terms

MUNICIPAL SECURITIES RULEMAKING BOARD (MSRB)

A self-regulatory organization, consisting of representatives of securities firms, bank dealers, municipal advisors, issuers, investors and the public, that is charged with primary rulemaking authority overĀ municipal securities dealers and municipal advisors in connection with their municipal securities and municipal advisory activities. MSRB rules are approved by the SEC, and enforced by the SEC, FINRA and the federal banking regulators depending on the regulated entity. See: FEDERAL DEPOSIT INSURANCE CORPORATION; FEDERAL RESERVE BOARD; FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA); OFFICE OF THE COMPTROLLER OF THE CURRENCY; SECURITIES AND EXCHANGE COMMISSION.

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