MSRB Publishes 2009 Annual Review And Financials

Date: February 10, 2010

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


Alexandria, VA The Municipal Securities Rulemaking Board (MSRB) today published its 2009 Annual Review  that outlines accomplishments for the year and includes audited financial statements for fiscal year 2009.  The report details activities in each of the programs aimed at achieving the MSRB’s investor protection mission.

Program highlights include:

  • The launch of continuing disclosure documents on the Electronic Municipal Market Access (EMMA) website
  • The availability of all-electronic official statements on EMMA
  • The availability on EMMA of variable rate securities interest rate data
  • The publication of extensive guidance for municipal securities dealers on required disclosures of material events to customers
  • The publication of guidance for dealers on Build America Bonds
  • The publication of the first MSRB Fact Book

Financial highlights for fiscal 2009 include:

  • Revenues of $19,627,984, a decrease of $2,522,765 over 2008.
  • Expenses of $21,281,260, an increase of $2,719,709 over 2008.
  • Unrestricted net assets of $26,386,488, a decrease of $1,653,276 over 2008.

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.