MSRB Requests Comment on Consolidated Registration Rule

Date: August 19, 2013

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


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) is requesting comment on a proposal to consolidate its multiple registration requirements and forms for municipal securities dealers and municipal advisors.

MSRB rules require firms under its regulatory jurisdiction to register with the MSRB and provide certain identifying and contact information before engaging in municipal securities and advisory activities. As part of its ongoing effort to streamline existing rules, the MSRB proposes consolidating all registration requirements into a single Rule A-12 and electronic registration Form A-12.

The MSRB proposal simplifies the registration process to make it easier for municipal securities dealers and municipal advisors to identify, understand and comply with MSRB registration requirements. The proposal also improves the efficiency with which the MSRB collects necessary information about regulated entities.

Comments should be submitted to the MSRB no later than September 20, 2013.

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.