MSRB Opens Municipal Advisor Registration

Date: November 15, 2010

Contact:  Jennifer A. Galloway, Chief Communications Officer
              (703) 797-6600
              jgalloway@msrb.org

MSRB OPENS MUNICIPAL ADVISOR REGISTRATION SYSTEM  

Alexandria , VA The Municipal Securities Rulemaking Board (MSRB) today opened its registration system for municipal advisors.

As of October 1, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act expanded the regulatory jurisdiction of the MSRB to include municipal advisors. Municipal advisor firms must register with the MSRB by December 31, 2010 in order to engage in municipal advisory activities. Any municipal advisor that engages in municipal advisory activities without registering with the MSRB after December 31, 2010 will be in violation of MSRB rules.

Individual municipal advisors are not required to register with the MSRB unless they are sole proprietors. Prior to registering with the MSRB, municipal advisors must be registered with the Securities and Exchange Commission.

Any municipal advisor that has previously registered with the MSRB as a broker, dealer or municipal securities dealer must register separately with the MSRB as a municipal advisor by updating its existing MSRB account.

Municipal advisor registration Instructions are available on the municipal advisor registration page of the MSRB’s website, at www.msrb.org.

In conjunction with the new registration system for municipal advisors, the MSRB has made changes to its dealer registration system. Effective today, all registration and account management is conducted electronically. Click here to read more.


The MSRB protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its Electronic Municipal Market Access (EMMA®) website, the official repository for information on all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a self-regulatory organization governed by a 21-member board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is overseen by the Securities and Exchange Commission and Congress.