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


MSRB PUBLISHES 2008 ANNUAL REVIEW AND FINANCIALS

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 www.emma.msrb.org
  • 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 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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