MSRB Statement on SEC Report on the Municipal Securities Market

Date: July 31, 2012

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


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today commended the Securities and Exchange Commission (SEC) for its comprehensive review of the $3.7 trillion municipal securities market and recommendations for enhanced protections for municipal bond investors.

“The MSRB appreciates the work of the SEC to gather input from a broad array of municipal market stakeholders on potential steps toward increasing confidence in the municipal market, improving the level and quality of available information and addressing important market structure issues,” said MSRB Chair Alan Polsky. “We will review the recommendations of the SEC report as part of our ongoing effort to facilitate municipal market transparency, improve disclosure and ensure a fair and efficient market.” 

The MSRB, a self-regulatory organization whose mission is to protect investors and state and local governments, fulfills its mission using a combination of market regulations, market transparency systems, education, outreach and market leadership.

The MSRB’s Electronic Municipal Market Access (EMMA®) website provides free public access to municipal trade prices and primary market and continuing disclosure information about municipal securities, including required annual financial information and event-based disclosures from state and local government issuers. The MSRB also encourages state and local government issuers to provide additional information to the EMMA website on a voluntary basis to help investors make informed decisions. Voluntary disclosures may include accounting standards and information on state and local government bank loan financings.

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.