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

MSRB PUBLISHES TIMETABLE OF PROPOSED MUNICIPAL ADVISOR RULE EFFECTIVE DATES

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today published a timetable of effective dates for MSRB municipal advisor rules and proposed effective dates for rule initiatives. The proposed effective dates for various rule initiatives would go into effect either when the Securities and Exchange Commission approves its final definition of “municipal advisor” or on the effective date of that definition.

“We are committed to keeping municipal advisors informed of our rulemaking initiatives and hope this timetable will serve as a resource for tracking our efforts,” said MSRB Executive Director Lynnette Kelly Hotchkiss.

Since October 1, 2010, the MSRB has been proposing rules for municipal advisors covering themes that are central to the activities of advisors and their work on behalf of state and local governments. These include rule proposals on fiduciary duty, conflicts of interest, pay-to-play and supervision, among others. Final versions of the proposals require approval by the Securities and Exchange Commission. Rules currently in place include those on registration, assessment and fair dealing, among others.

The MSRB will continue to update the timetable throughout the rulemaking process and will make it available here.

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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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