MSRB Provides Guidance to Municipal Advisors on Changes to its Registration Process

Date: May 12, 2014

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


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) published guidance to assist municipal advisors with understanding changes to the MSRB’s registration process taking effect today. The guidance seeks to clarify that these changes are separate and apart from the Securities and Exchange Commission’s transition to a permanent registration regime for municipal advisors.

MSRB Rule A-12 was amended to consolidate registration requirements into a single rule and to create a simplified electronic registration form. Firms that are currently registered with the MSRB under the previous requirements must verify, update and complete their registration information in the new form by August 10, 2014. The MSRB’s guidance responds to frequently asked questions about the MSRB’s new registration process, which may be useful for both municipal advisors and municipal securities dealers.

The MSRB is also hosting an educational webinar to assist current registrants with submitting the new registration form. Learn more and register to attend the webinar.

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.