MSRB Publishes Annual Review and 2008 Financials

Date: February 23, 2009

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


Alexandria, VA - The Municipal Securities Rulemaking Board (MSRB) today published its 2008 Annual Review outlining its accomplishments for the year and also published its audited financial statements for fiscal year 2008.  The documents reflect a highly active organization that launched major transparency initiatives in 2008 as it supported a regulatory regime that focuses on investor protection, market integrity and market transparency.

Among the highlights of 2008 are:

  • The launch of the Electronic Municipal Market Access (EMMA) website at
  • New rules that require municipal bond underwriters to share with the market comprehensive information about new bonds
  • Development of a transparency program for municipal auction rate securities and variable rate demand obligations
  • Multiple regulatory interpretations that addressed market conditions
  • Creation of daily municipal market statistics on EMMA for investors

To access the MSRB's 2008 Annual Review, click here.

The MSRB is a self-regulatory organization that is supported exclusively by fees and assessments paid by securities firms and bank dealers engaged in the municipal securities business.  In fiscal 2008, the MSRB had revenues of $22,150,749, an increase of $675,655 over the prior year.  Fees represented 95% of total revenue. MSRB's 2008 expenses of $18,561,551 declined by $50,730 from the previous year.  In 2008, MSRB's net assets rose $3,589,198 to $31,920,291. MSRB's fixed assets increased significantly, primarily due to the Board's investment of resources in the EMMA system during the past fiscal year.  

To access MSRB financials, click here.

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.