MSRB Mandates Regulated Entity Participation in Business Continuity Testing

Date: November 2, 2015

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


Alexandria, VA - The Municipal Securities Rulemaking Board (MSRB) today filed with the Securities and Exchange Commission (SEC), for immediate effectiveness, new MSRB Rule A-18 to require certain entities regulated by the MSRB to participate in its business continuity and disaster recovery plan testing.

New SEC Regulation Systems Compliance and Integrity (Regulation SCI) imposes rigorous standards for technological systems of the MSRB and other financial market entities, requiring them to maintain system backup and recovery capabilities meeting certain requirements.

The MSRB has a Business Continuity Plan that governs its response to emergency situations or significant service disruptions to its market transparency systems. The MSRB maintains multiple backup sites to support recovery measures in the event of a significant disruption to MSRB systems and services, including but not limited to, the MSRB’s Electronic Municipal Market Access (EMMA®) website, the Real-Time Transaction Reporting System (RTRS) and various data and document subscription services. 

As mandated by Regulation SCI, new MSRB Rule A-18 requires mandatory participation by certain MSRB-regulated entities in the MSRB’s periodic business continuity and disaster recovery plan testing.

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.