The Municipal Bond Market and the MSRB
Get to Know MSRB: How Our Mandate and Model Shapes Our Work
by Mark Kim, MSRB CEO
June 2025
The Municipal Securities Rulemaking Board (MSRB) is a private self-regulatory organization (SRO) authorized by Congress to safeguard the integrity of the $4 trillion municipal securities market. For 50 years, MSRB has remained unwavering in its commitment to its congressional mandate: to protect investors, issuers, and the public interest by fostering a fair and efficient municipal market. Communities nationwide rely on the municipal securities market to fund critical infrastructure and services that make life better for all Americans. From the water we drink to the transit systems that get us to where we need to be, municipal bonds are hard at work making this nation stronger, one bond at a time. |
Our congressional mandate is one that MSRB serves with immense pride and conviction as it shapes the very foundations of America’s communities, helping them thrive for generations to come. Fifty years since our founding, we remain driven solely by this mandate, operating as an independent, non-partisan SRO within the statutory framework of the Securities Exchange Act of 1934.
Overseen by the Securities and Exchange Commission (SEC), MSRB writes the "rules of the road" for industry professionals, and all its rules must be filed with the SEC before they become effective. MSRB also provides transparency of the municipal securities market for the public and all market participants by operating the Electronic Municipal Market Access (EMMA®) website. EMMA is the central data repository that provides free access to municipal securities data and disclosure documents.
Several key factors reinforce MSRB’s independence and singular focus as an SRO. Unlike government agencies, MSRB is financed by the industry it oversees, not taxpayer dollars. Our board of directors is composed of industry experts whose extensive knowledge spans the entire municipal securities market. In addition, a majority of our board consists of public members who are not associated with entities regulated by the MSRB, which helps ensure that the MSRB serves the public interest. As we celebrate our 50th anniversary, MSRB remains committed to serving its mandate and mission through the rules we write, the market transparency and reporting systems we operate and the data and information we bring to the market. We are proud to give America the confidence to invest in its communities and look forward to continuing to do so over the next 50 years. Stay tuned for more posts that will help you get to know MSRB.
50 Years of Protecting Investors, Issuers and the Public Interest
by Mark Kim, MSRB CEO
February 2025
Communities across the nation have long issued municipal bonds to raise capital to build public infrastructure. From the water we drink, to the roads and bridges that get us where we need to be, to the schools that educate our children and the hospitals that care for our sick, everywhere you look, municipal bonds are improving our quality of life. For 50 years, the Municipal Securities Rulemaking Board (MSRB) has been working hard to ensure the integrity of the $4 trillion municipal bond market that gives America the confidence to invest in its communities.
In 1975, Congress established MSRB as an independent, private self-regulatory organization (SRO) to protect investors, issuers and the public interest by ensuring a fair and efficient municipal securities market. As an SRO, we are governed by a board of directors that includes both public and regulated members, all of whom have extensive market expertise. This broad representation ensures MSRB has the knowledge and experience necessary to address a rapidly evolving market through informed regulation that safeguards the interests of the investors and issuers we are responsible for protecting.
As MSRB celebrates its 50th anniversary in 2025, we remain resolute in upholding our congressional mandate through market regulation, market transparency and market integrity. We are advancing MSRB’s mission by:
- Establishing rules for the municipal securities market and re-examining existing ones to ensure they continue to effectively carry out their intended purposes and to foster market innovation and competition.
- Operating technology systems that are essential to a fair and orderly market such as our Electronic Municipal Market Access (EMMA®) website—the official repository for municipal securities data and documents—and enhancing market transparency by making this information available to the public for free.
- Promoting the integrity of this market by adapting to a rapidly evolving market structure driven by emerging technologies and changing business models.
The year ahead will be an exciting one as MSRB achieves the milestone of 50 years of serving the public interest. As we do so, MSRB’s Board and staff remain evermore dedicated to the mission of protecting and strengthening the market for the bonds that make America stronger. Please follow us on social media for updates.
