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

MSRB MAKES CHANGES TO MUNICIPAL SECURITIES TRANSACTION FEES

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) received approval from the Securities and Exchange Commission to increase certain existing fees and impose a new technology fee on trades by dealers in municipal securities. These new and increased fees are required as the MSRB’s expenses have increased significantly, its technology requires capital investment and it has assumed additional regulatory responsibilities as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The changes go into effect January 1, 2011.

The MSRB will establish a new technology fee on municipal securities trades reported to the MSRB. Dealers in municipal securities will be required to pay an assessment of $1.00 per transaction for all sales transactions. The MSRB will use the funds generated by these fees to update, maintain and replace its technology systems. This technology fee is transitional in nature, and the MSRB will review it annually as part of its normal budgetary process to determine whether it continues to be necessary.

Additionally, the MSRB will increase the transaction fees paid by dealers from $.005 per $1,000 par value to $.01 per $1,000 par value on most municipal securities sales transactions reported to the MSRB.

The Municipal Securities Rulemaking Board (MSRB) protects and strengthens the municipal bond market, enabling access to capital, economic growth, and societal progress in tens of thousands of communities across the country. The MSRB fulfills this mission by creating trust in our market through informed regulation of dealers and municipal advisors that protects investors, issuers and the public interest; building technology systems that power our market and provide transparency for issuers, institutions, and the investing public; and serving as the steward of market data that empowers better decisions and fuels innovation for the future. The MSRB is a self-regulatory organization governed by a 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.

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