MSRB to Require Dealers to Disclose More Information Regarding Contributions to Bond Ballot Campaigns

Date: April 1, 2013

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


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) received approval from the Securities and Exchange Commission to expand disclosures related to contributions made by municipal securities dealers to bond ballot measure campaigns.

The new requirements seek to provide more transparency to address the perception that dealers’ contributions to bond ballot campaigns, which secure voter approval for taxpayer-funded public projects, could influence the award of municipal securities underwriting business to dealers.

“Even the appearance of pay-to-play in the municipal bond market can undermine public confidence,” said MSRB Executive Director Lynnette Kelly. “Requiring more disclosure about dealers’ bond ballot contributions will shine light on potential connections between dealers’ financial contributions and the awarding of bond business.”

The new disclosure requirements, which include information on the timing of dealer contributions, the identity of the municipal entity issuing the voter-approved bonds and the related underwriting by the dealer, take effect July 1, 2013. The information will be published on the MSRB’s EMMA® website.


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.