MSRB Publishes Timetable of Proposed Municipal Advisor Rule Effective Dates

Date: August 5, 2011

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


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today published a timetable of effective dates for MSRB municipal advisor rules and proposed effective dates for rule initiatives. The proposed effective dates for various rule initiatives would go into effect either when the Securities and Exchange Commission approves its final definition of “municipal advisor” or on the effective date of that definition.

“We are committed to keeping municipal advisors informed of our rulemaking initiatives and hope this timetable will serve as a resource for tracking our efforts,” said MSRB Executive Director Lynnette Kelly Hotchkiss.

Since October 1, 2010, the MSRB has been proposing rules for municipal advisors covering themes that are central to the activities of advisors and their work on behalf of state and local governments. These include rule proposals on fiduciary duty, conflicts of interest, pay-to-play and supervision, among others. Final versions of the proposals require approval by the Securities and Exchange Commission. Rules currently in place include those on registration, assessment and fair dealing, among others.

The MSRB will continue to update the timetable throughout the rulemaking process and will make it available here.

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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.