MSRB Publishes 2010 Annual Review and New Rule Book

Date: February 10, 2011

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


Alexandria, VA The Municipal Securities Rulemaking Board (MSRB) today published its 2010 Annual Review, which outlines accomplishments for the year and includes audited financial statements for fiscal year 2010. The report details activities aimed at achieving the MSRB’s investor and municipal entity protection mission. The MSRB also today published a new MSRB Rule Book describing rules for municipal securities dealers and municipal advisors that are effective as of January 1, 2011.

Highlights of the 2010 Annual Review include:

  • The MSRB’s expanded mission and jurisdiction under the Dodd-Frank Wall Street Reform and Consumer Protection Act
  • New rulemaking initiatives for municipal securities dealers and municipal advisors, and expanded regulatory coordination and enforcement support
  • Data and documents disseminated to the public on the MSRB’s Electronic Municipal Market Access (EMMA) website that provide market transparency
  • Expanded outreach activities devoted to discussing MSRB rulemaking initiatives
  • Municipal market research reports and market leadership activities

The 2011 MSRB Rule Book includes all MSRB rules and rule interpretations as of January 1, 2011. The most current version of MSRB rules can be found in the rules section of the MSRB’s website, at

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.