MSRB Issues Statement on SEC Chairmanship

Date: November 26, 2012

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


Alexandria, VA — The Municipal Securities Rulemaking Board (MSRB) said today it appreciates the contributions of outgoing Securities and Exchange Commission (SEC) Chair Mary Schapiro to the municipal market and looks forward to working closely with SEC Commissioner Elisse Walter, who has been appointed by President Obama to lead the agency. 

“Chairman Schapiro played a significant role in advancing the importance of regulatory oversight of the municipal market,” said MSRB Chair Jay Goldstone. “She initiated public hearings to understand issues facing the market, created a specialized enforcement unit to ensure compliance with federal laws and oversaw a comprehensive report to guide improvements in investor protection. Municipal securities investors and municipal entities are better served as a result.”

Goldstone said the appointment of Commissioner Walter to succeed Chairman Schapiro will promote continued dialogue on the regulation of the municipal market since Commissioner Walter led the SEC’s review of the municipal securities market and has long been an advocate for improved disclosure. “Commissioner Walter has shown a deep interest in the municipal market,” Goldstone said. “Her experience will be a tremendous asset as we engage the SEC and its staff on areas of mutual concern.”

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 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.