About the Municipal Securities Rulemaking Board

Established by Congress in 1975, the Municipal Securities Rulemaking Board (MSRB) is the primary regulator of the $4.5 trillion municipal securities market. MSRB is a private, self-regulatory organization with the mission to protect investors, issuers, and the public interest in a fair and efficient municipal securities market. 

MSRB advances its congressional mandate and strengthens the municipal securities market through: 

• Market Regulation. MSRB establishes rules governing the conduct of broker-dealers, bank dealers, and municipal advisors operating in the municipal securities market. MSRB continually reexamines these rules to ensure they are consistent with an evolving market, other regulatory frameworks, and do not pose undue burdens on competition.
• Market Transparency. MSRB operates the Electronic Municipal Market Access (EMMA) website—the official repository for municipal securities data and documents—and related technology systems that are essential to a fair and orderly market. MSRB enhances market transparency by making this information available to the public for free in real time, analyzing the data it collects to identify market trends, and publishing research and educational material to improve the public’s understanding of the market.
• Public Accountability. MSRB ensures accountability to its congressional mandate through stakeholder engagement, education, corporate governance and fiscal stewardship. 

MSRB Is a Self-Regulatory Organization Governed by an Independent Board of Directors 

Congress established MSRB as a private, self-regulatory organization. MSRB is governed by an independent board of directors composed of 15 members who are deeply knowledgeable about the municipal securities market, with a statutorily required majority of eight public members and seven regulated members. Board members represent a broad spectrum of market participants. Public members include investors, issuers, and members of the general public with knowledge of or experience in the municipal securities industry. Regulated members are associated with dealers and municipal advisors. Learn more about MSRB’s Board.   

MSRB Is Funded by the Industry It Regulates  

MSRB receives no federal appropriations or taxpayer funding. Instead, MSRB is funded primarily through fees paid by the entities it regulates. These fees are established on a four-year basis through a rate card process. MSRB is committed to financial transparency and publishes its annual budget at the start of each fiscal year in October. MSRB also publishes its annual report in January, which includes its audited financial statements. Detailed information about MSRB revenue sources can be found on MSRB’s Sources and Uses of Funding page.

MSRB’s Rules Are Enforced by the SEC, FINRA, and Bank Regulators

While MSRB writes rules governing the conduct of dealers and municipal advisors, it is not responsible for the enforcement of those rules. Enforcement authority rests with the U.S. Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and federal bank regulators. MSRB coordinates with, and provides support to, the SEC, FINRA, Federal Reserve Board, U.S. Department of the Treasury, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency in their market surveillance, examination and enforcement activities related to the municipal securities market.  

MSRB Is Overseen by Congress and the SEC

MSRB was established by an act of Congress and is subject to Congressional and SEC oversight. Subject to certain exceptions, MSRB rules must be approved by the SEC after a public notice and comment period before they become effective. SEC also conducts periodic examinations of MSRB as a self-regulatory organization under its jurisdiction.  

Making America’s Communities Stronger One Bond at a Time